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Richardson City Council

Richardson City Council

12/11/23

December 11, 2023

Welcome to Ultraground. We categorize project changes.

December 11, 2023

Southwest Richardson

376-Unit Mixed-use | SEC of W Spring Valley Rd & S. Sherman St | Approved

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Sherman Lofts SEC of W Spring Valley Rd & S. Sherman St

Southeast Richardson | 3.7 Acres | 376 Units | 3 Live/work | Approved

Cost escalation forced Lang Partners to return to Council for more density in Richardson. But the Council was glad they came, eager to make it more economically viable for the developer.

Initially approved in 2021 for a 4-story, 294-unit complex, Lang Partners returned to add a fifth floor with 79 additional units, bringing the total to 373 (with 3 live/work units). Their reasoning was simple - the original proposal was no longer feasible in light of rising materials and labor expenses. According to developer Dirik Oudt:

‟One of the main reasons that we went from four stories to five stories was because 18 months ago we were having some tremendous cost escalation.

Dirik Oudt, Co-Founder, Managing Member, Lang Partners

However, while construction costs have apparently stabilized over the past few months, Oudt also referenced the difficulties in the lending landscape.

‟At this exact moment we now have a very frozen credit market. In the world right now, bank lending has gotten really tough.

Dirik Oudt, Co-Founder, Managing Member, Lang Partners

But Oudt believes federal intervention could be coming to unfreeze loans. Moreover, he referred to Lang’s connections in the finance world that he believes will enable them to be “in better shape than most.” Still, he stopped short of guessing when exactly ground might break.

The Council seemed to understand Oudt’s position. Mayor Pro Tem Arefin Shamsul had seen the rapid demolition over a year prior of the existing office building on the 3.7-acre site. Shamsul expressed hope that construction would soon commence on the long-awaited project.

‟I have one question – when will construction start?

Arefin Shamsul, Mayor Pro Tem, Council Member, Richardson Place 6

Multiple members vocalized support for the added density, viewing it as necessary to deliver the development. Following Oudt’s presentation, members asked no additional questions. The 7-0 vote amounted to an enthusiastic green light for the density boost.

Changes from 2021:

Increasing units from 297 to 376.
Increasing from 4 stories to 5 stories.
Increasing height from 62 feet to 64 feet.
Increasing parking spaces from 461 to 485 (+ 40 public spaces).
Parking garage going from 4 to 5 levels.
Removing right turn lane on West Spring Valley.
Extending left turn lane on N Sherman Street.

The development includes:

376 apartment units.
3 live-work units.
932 square feet of co-working space.
15.1% open space (minimum 15% required).
Primary building materials: brick, fiber cement panels, metal.
Across the street from the Spring Valley DART station.

Developer: Lang Partners, Dirik Oudt Phone: (214) 628-7822 Email: [email protected] J Brandon Hancock, LinkedIn

Staff Report: 23-13 Packet

Project Plans: 23-13 Plans & Elevations