ADDISON, TX - UDR, Inc., a leading multifamily real estate investment trust, today announced that its Savoye community, the first phase of the company's residential component for its Vitruvian Park SM development in Addison, Texas, is now pre-leasing and will open its doors to residents on March 1, 2010. The community consists of 392 apartment homes as well as 16,000 square feet of retail space at the street level.
Vitruvian Park, which began construction May 2008, is located just northwest of I-635/LBJ Freeway and the Dallas North Tollway between Midway Road and Marsh Lane in Addison's southwest quadrant. The Savoye community has been designed and is being targeted for Leadership in Energy and Environmental Design (LEED) Silver Certification. Further underscoring UDR's commitment to being a leader for responsible development, the full Vitruvian Park SM development has been designed to be a model for sustainable urban development. It will feature a new green-initiative program created by the Town of Addison that is the city's own hybrid of Energy Star and LEED standards to maximize efficiency and minimize environmental impact. The project represents the town's first major sustainable building initiative.
"This is an exciting day for UDR and the town of Addison as it marks the completion of the first phase of a major development project that both parties have invested a great deal of time and resources in," said Mark Wallis, Senior Executive Vice President of UDR, "We're very proud of Vitruvian Park as it offers residents an upscale living environment filled with modern amenities that are unprecedented in this area."
The Savoye community includes one-bedroom and two-bedroom apartment options complete with a 42" HDTV and full size front load washer and dryer. Residents will also enjoy a variety of superior amenities such as a resort-style pool, unlimited access to a luxury fitness club, a professional demonstration kitchen, a billiard room, a movie screening room complete with a 60'' HD movie screen and multiple gaming stations, a poker room and a business center. Outside, residents will be able to enjoy the development's 12-acre park that includes a spring-fed creek and trail system for jogging and biking.
"When this development was being designed our goal was to create a place that was energy efficient, environmentally friendly and offered residents an upscale living environment with access to a plethora of luxurious amenities and I think we were able to accomplish this," said Wallis. "I think prospective residents will be very pleased to see all that the Savoye community and Vitruvian Park has to offer."
Conveniently located near two of the most important arterials in the Dallas metropolitan area, the Vitruvian Park SM development offers easy access to fine dining, entertainment, shopping options, including the Dallas Galleria Mall and is located within six miles of more than 11 million square feet of office space.
UDR, Inc., an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of December 31, 2009, UDR owned 45,913 apartment homes and had 1,415 homes under development. For over 37 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.
Source: UDR, Inc