UDR Breaks Ground on $1B Mixed-Use Project in Texas 

Earlier in May, UDR Inc. broke ground on a $1 billion multifamily, retail, and commercial project in Addison, Texas. In addition to being the largest development ever undertaken by the Denver-based apartment REIT, the so-called Vitruvian Park will be Addison's first major sustainable green initiative. The first phase will feature 667 apartments and a 12-acre public park. Leasing will likely begin by the end of next year, with occupancy expected to be available in the early first quarter of 2010. UDR officials expect all phases of Vitruvian Park to be completed in 2017. Mark Culwell, UDR senior vice president of development, remarks, "The proximity to jobs, entertainment and major transportation corridors along with being located in the city of Addison--which is well managed and always looking to reinvent itself--was attractive to us. It was a collaborative effort in designing and addressing the challenges of the design with the city." The company expects to pursue Leadership in Energy and Environmental Design (LEED) certification for the project.