New development is rising at Richardson’s Bush Turnpike Station. 186 acres of land near Bush Turnpike and Central Expressway (US-75) will become a $1.5 billion master-planned project developed by KDC with an additional 18.6 acres being developed by the Zale Corson Group.
Overall Project Description
KDC’s project, adjacent to the Dallas Area Rapid Transit’s Bush Turnpike Station on its Red Line, includes key blocks of land on the east and west sides of Plano Road. The east side (KDC Tract 2) includes 147.5 acres of land on the north side of Renner Road, between Plano Road and Wyndham Lane. The west side (KDC Tract 1) includes 38.5 acres of land south of Bush Turnpike between Plano Road and the DART light rail tracks. The design incorporates build-to-suit office buildings, an integrated healthcare facility, 3,925 multi-family residential units, hotels, retail, and restaurants.
KDC’s 38.5-acre tract west of Plano Road, is part of a planned 57.1 acre mixed-use, transit-oriented development. The remainder, approximately 18.6 acres, is being developed by Zale Corson Group (Zale Corson Tract) and includes approximately 800 multifamily residential units, retail-ready ground floor space, structured parking, and planned streetscape amenities.
Tax Increment Financing
The mixed-use development is part of the City of Richardson’s Tax Increment Financing Zone 2 outlined in the Bush/75 Urban Center Development Infrastructure Support Strategy and adopted by the City Council at the time of zoning.
The TIF, established in 2011, uses funds generated through increased real property tax values realized from new development within the district over a 25-year period to reimburse the developer for up-front costs incurred to install necessary public infrastructure and other public improvements.