City of Richardson

411 Arapaho Road
Richardson, TX 75080

Assignment Size

40,000 SF

Occupier Services Provided

  • Strategic Planning
  • Market Research
  • Financial Analysis
  • Site Selection
  • Consulting on Project Management
  • Lease & Purchase Negotiations
Copyright ©2024 Citadel Partners, LLC. The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form any part of any future contract.

The Challenge

The City of Richardson desired to locate a permanent facility for their municipal courts. Citadel Partners needed to locate an existing facility or site for a new building, with approximately 30,000 square feet. The parking requirements were one parking space per 100 square feet. Also, redevelopment opportunities in under-achieving areas needed to be identified in order to promote economic development.

Our Strategic Approach

  • Review lease and acquisition market opportunities to create leverage in the competitive marketplace
  • Review land opportunity costs and understand the cost to construct ground up
  • Identify areas in the City where a project like this could ignite redevelopment
  • Competitively bid “design-build” contractors along with “developers” to compare costs

The Outcome

The Citadel Partners team identified a former lion grocery store that had been prone to vandalism and was vacant for two years. The property was purchased and refurbished into a landmark in the community. Compared to building a new facility, savings on the project was nearly $1.2 million. Adjacent properties have experienced increased performance, thereby increasing tax revenue to the City of Richardson.

cmj here ...