RICHARDSON - Plans for the 80-acre Palisades Central development on US Hwy. 75 north of Galatyn Parkway call for office towers, retail space, apartments and hotel rooms.
Palisades Central is being built around two office towers on the west side of North Central Expressway that date back to the 1970s and 1980s by KBS Realty and JP Realty Partners.
Builder K. Hovnanian Homes is buying more than 100 lots for townhomes on the west side of Palisades Central.
Apartment developer Wood Partners is acquiring land for two rental communities with more than 500 units.
Construction on the two housing projects could begin late this year or in early 2016.
“When we were doing our planning with the city, it was estimated that the project would be valued at more than $700 million when it’s done,” JP Realty CEO Mark Jordan said.
“We made a commitment for the long term to build this out,” Jordan said. “It’s a seven- to ten-year development.”
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