SAN ANTONIO--(BUSINESS WIRE)--San Antonio-based Embrey Partners, Ltd. has starting pouring concrete on the foundation of GreenVUE, its Class A, transit-oriented development on Greenville Avenue in the heart of Richardson, Texas’ Telecom Corridor®.
“As the most significant and unique high-tech business concentrations in Texas, Telecom Corridor is a particularly exciting development for us,” said Trey Embrey, president of Embrey Partners. “We have carefully researched the area and the market and are confident we can successfully and competitively enter the area and deliver the best value to both our renters and partners with this project.”
The community is scheduled for completion in 2015 with leasing starting as early as late summer, 2014.
“When complete, the GreenVUE community will be home to a higher density urban development near the largest leased office project in Dallas history,” said John Kirk, Embrey’s senior managing partner on the project. “This type of development really calls on Embrey’s strengths – building true lifestyle destinations in high growth areas.”
The development, located at 1350 North Greenville Avenue, sits within walking distance of the DART Redline Arapaho Station and is less than three miles from the new State Farm Insurance regional campus. State Farm’s two-million-square-foot campus will house thousands of employees in four buildings. One building is complete and construction has begun on the second, with the insurance company starting to move in at the end of 2014.
Embrey’s 11.3-acre infill property features three and four-story, contemporary buildings with a unique combination of tuck under private garages, structured parking, and an expansive 8,500-square-foot clubhouse with ample amenities and social areas. The community, which is tailored to a younger, millennium renter, includes more than 400 luxury one- and two- bedroom urban flats ranging from 650 to 1,450 square feet. The apartments feature high-end amenities and interiors such as granite countertops, wood-style flooring, standup showers and upgraded lighting and plumbing packages.
Construction financing is being provided by Wells Fargo.
GreenVUE is not Embrey’s first project in the area. The developer recently completed and sold a 7.35-acre, 353-unit upscale apartment community in Addison. “It was another infill project that attracted a lot of attention from renters,” said Kirk.
About Embrey Partners
Now celebrating its 40th year, San Antonio-based Embrey Partners, Ltd., is a developer, builder and manager of market rate and affordable multi-family and commercial assets in select markets across the United States. Since 1974, Embrey has developed more than 31,000 apartments and six million square feet of commercial space. Partnering with major financial institutions, pension funds, individual investors and Fortune 500 companies, Embrey as the general partner has completed these developments for individual investment purposes and through joint venture transactions. For more information, visit online at www.embreydc.com.