Addison Pacesetters Get an Update on Vitruvian Park at Dunn Bros. Coffeehouse

Addison Pacesetters Get an Update on Vitruvian Park at Dunn Bros. Coffeehouse.

Addison Pacesetters (Addison, Texas residents 50+ years of age) meet the first Wednesday of each month at Dunn Bros. Coffeehouse on Belt Line Road and learn about the Town of Addison. This month, Tom Lamberth, UDR's lead developer for Vitruvian Park, spoke to us.

Here are some interesting tidbits from Tom's presentation:

• the park at Vitruvian Park will be opening soon and there will be an Addison celebration -
• planned for October 27-28, 2011
• event will be open to the public
• Richard Chamberlain will have a pop-up restaurant on the bridge & he'll be cooking with natural elements
• there will be 4 seatings
• Farmers Branch Creek runs along the south end of the property and will be included in the 12 acre park
• there will be a 1 mile hike and bike trail that will connect to the Addison trail system and the Brookhaven Community College trail system
• there will be a 320-seat ampitheater and waterfall in the park
• the park will be unique (similar feel as Turtle Creek, but different)
• UDR purchased 9 older apartment complexes plus the Tom Thumb shopping center to create Vitruvian Park
• Brookhaven Club Drive was renamed Vitruvian Way and the street was reengineered, making the intersection at Spring Valley easier to navigate (in front of the new Bush Elementary School)
• Savoye (phase 1) apartments are 97% occupied (total of 392 units)
• Savoye II (phase 2) opened to residents on Thursday with 65 units pre-leased
• building permits were pulled 2 weeks ago to begin work on phase 3 - when completed, the whole south side of Vitruvian Park will be built out
• the entire Vitruvian Park project will unfold over a 10-year period and will include 125 acres and 6,000 homes for sale or rent
• current rental rate is a healthy $1.55/sq ft and residents are coming from Uptown and Preston Center
• there may be room for an active senior housing option
• UDR is a pubicly traded REIT and is financially strong enough to withstand the current economy

If you're not an Addison resident and would like to become one, please contact me about purchasing a condo, townhome, duplex or single family home in Addison, Texas. Addison is a great place to live, work and play!

Next month, the first Wednesday is October 5th. Come out and join the Addison Pacesetters at Dunn Bros.