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Dallas-based apartment builder JLB Partners has purchased land for a third phase of apartments at Richardson’s $1.5 billion CityLine development.
JLB bought a vacant block on the east side of Plano Road at CityLine Drive from developer KDC. The property is next door to State Farm insurance’s fourth CityLine tower, which will open this summer.
JLB plans to build about 500 more apartments and 22,600 square feet of retail space on the property.
“They just closed on the tract across the street,” KDC CEO Steve Van Amburgh said. “Both of the current JLB apartment projects are doing incredibly well.“
“This new tract is right across the street from the Whole Foods Market-anchored shopping center at CityLine.”
JLB built two apartment blocks on the west side of Plano Road in CityLine with about 532 units. The first phase at State Street and Plano is almost fully leased, and the second building to the south is in lease up.
Between State Farm and Raytheon Corp., more than 11,000 people now work in the 186-acre CityLine development.
The project also includes an Aloft hotel, retail space and a high-density single-family-home development.
By Steve Brown
Real Estate Editor | Dallas Morning News
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