SB Friedman was engaged to develop a reinvestment and redevelopment strategy for an underperforming market area in Richardson, Texas, an inner-ring suburb of Dallas. The nearly 700-acre East Arapaho/Collins study area consists of predominately office-tech flex buildings, which were built prior to 1990 when the area housed suppliers to large telecommunications firms.
SB Friedman and its sub-consultant, HDR, conducted a baseline assessment to ascertain market potential and identify opportunities and constraints of the study area. Our work included the following:
- Conducting key informant interviews with local brokers, property owners, building managers and developers;
- Assessing existing conditions, including connectivity, infrastructure, building conditions and high-speed internet availability;
- Identifying sites susceptible to change based on ownership, vacancy and building value;
- Analyzing the market feasibility of flex, Class A office, value office and data center development;
- Testing preliminarily the economics of redevelopment for specific uses; and
- Identifying potential redevelopment strategies based on the assets, challenges and market feasibility identified in this phase of work.
Results: Redevelopment assets, challenges and potential redevelopment strategies for the study area were presented to the City Council. The existing conditions analysis, stakeholder interviews and market analyses suggest a multi-pronged approach focused on, among other strategies, targeted redevelopment of sites susceptible to change and public and private improvements to enhance curb appeal. The City is planning to move forward with implementation.
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