Richardson: Telecom Corridor Experiencing Real Estate Renewal

Richardson’s growth began in the 1970′s, due in large part to the increasing population of commuters to downtown Dallas. Over the past couple of years, Richardson real estate has seen a new boost in popularity. With most of Richardson already developed, where is this new interest is coming from? The answer lies in the city’s commercial appeal: renewal projects are popping up throughout the city.

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Economy is Up

Over the last three years, Richardson’s local economy has seen a healthy surge, even while other cities are in a slump. Property values increased by more than $1 billion total from 2005 to 2008, and the city collected an extra $3 million plus in sales tax over the same period.

Something good is going on here, and many attribute the economic boost to the surge of new employers bringing business to Richardson. Businesses that have recently moved into the city include Blue Cross Blue Shield, Credit Solutions, and MetroPCS. Richardson is also still home to DFW’s biggest concentration of telecom firms. More than 140,000 people populate Richardson each day.

Commercial Real Estate Renewal

As older properties along Central Expressway in Richardson are revamped to make way for newer mixed-use developments and updated commercial projects, the evidence of Richardson’s real estate renewal is everywhere. New and updated developments include:

* The Venue, a 4 acre mixed-use project going up near the Galatyn Park DART light rail station.

* A 450-unit development by Post Properties, a successful multi-family developer/property manager.

* The Shire, with a boutique hotel and luxury condominiums.

* A revamp of the former Richardson Square Mall, as well as Buckingham Plaza and Richardson Village retail developments.

Recognition for Richardson

Locals aren’t the only ones taking notice of Richardson. The city was recently named the #18 Best Place to Live by CNN Money magazine. Other awards Richardson can brag about over the past two years abound: Richardson received the Dallas Business Journal’s “Best Real Estate Deal of the Year” and the International Economic Development Council’s “Technology-Based Economic Development Award” in 2006, then the Texas Economic Development Council’s 2007 “Texas Economic Excellence Award.” This year, Standard & Poor’s gave Richardson a rare “AAA” credit rating.

Revamped Richardson is definitely worth a look.