High Street Residential, the residential subsidiary of Trammell Crow Company, broke ground on April 6 on a 281-unit multifamily community at 110 East Polk Street in Richardson’s CORE District. The four-story project, developed in joint venture with Tokyu Land Corporation, is expected to be delivered by the fourth quarter of 2027 and represents one of the more visible of the recent commitments to Richardson’s evolving downtown core.
The site itself sits on three acres and replaces two existing buildings and a surface parking lot — the kind of transition from low-intensity to higher-intensity use that defines what mixed-use redevelopment looks like in established suburbs. Surface parking lots are the lowest economic use of urban land, and converting one to a 281-unit residential community is the textbook move for a corridor trying to build density and walkable activity around an existing transit and commercial spine.
The Project Specifics
The 281 units will range from studios to two-bedrooms, with unit sizes from 590 square feet for the smaller studios up to 1,340 square feet for the larger two-bedrooms. The unit mix is consistent with what new urban-style multifamily projects have been delivering across the DFW market — primarily one-bedroom and small two-bedroom units, with studios as the entry-level option and the larger two-bedrooms anchoring the higher rent tiers.
Community amenities include a clubroom, co-working areas, a resort-style pool, grilling stations, fire pits, a fitness center, bike storage, a dog-wash station, a package room, and direct access to Richardson’s 4.2-mile Central Trail. The amenity package reflects the kind of features that have become table stakes for new urban multifamily — co-working spaces in particular have become standard since the pandemic-era shift in work patterns that brought more residents into apartment-based daytime work.
The Central Trail connection is one of the project’s distinctive features. Direct access from a residential building onto a 4.2-mile pedestrian and bicycle trail is the kind of amenity that’s hard to retrofit into an existing project. Richardson’s investment in the trail system over the past decade is paying off here — projects that can market direct trail access have a competitive advantage in the rental market against projects that require driving to a trail.
The Public Infrastructure Component
The City of Richardson is supporting the project through Tax Increment Financing, with the TIF funding flowing into specific public infrastructure improvements rather than into the building itself. The TIF dollars will fund the reconstruction of Polk Street to include new bike lanes, sidewalks, and street parking. Additional TIF support is funding a new public green space and 75 public parking spaces within a shared garage at the project.
This is how modern urban-redevelopment TIF deals work. The city captures the incremental property tax revenue generated by the new development above the baseline that the surface parking lot was producing, and that incremental revenue funds public-facing infrastructure that benefits both the project and the surrounding district. The structure aligns the city’s incentives with the developer’s — both win when the project succeeds and produces tax revenue, and the public gets visible infrastructure investments out of the deal.
The Polk Street reconstruction is the most visible of the public-facing pieces. New bike lanes and sidewalks change the street’s character from a primarily vehicle-focused thoroughfare into a multi-modal corridor that supports walking, biking, and street parking alongside vehicle traffic. That kind of transformation is what creates the foundation for additional walkable development on adjacent parcels.
The CORE District Strategy
110 East Polk is one piece of a broader CORE District transformation that has multiple development streams running in parallel. The district has projects spanning a new public safety campus, public art programs, roadway and pedestrian improvements along Main Street and Greenville Avenue, and creative adaptive reuse of buildings in the Lockwood area. The cumulative effect of those projects, layered onto the residential and commercial development at sites like 110 East Polk, is a district that looks fundamentally different than it did a decade ago.
The strategic intent is to build the CORE District into Richardson’s downtown — a recognizable, programmable, walkable urban core that gives the city the kind of central neighborhood that older inner-suburban cities sometimes struggle to develop. Richardson is in a different position than purely residential suburbs, with its existing commercial density and the legacy infrastructure from earlier development eras to build on, but the work of converting that base into a coherent urban district takes sustained investment over many years.
The High Street project’s three-acre footprint is large enough to be a meaningful contribution to that effort. Adding 281 units of residential on this site directly contributes to the daytime and evening population that supports the surrounding restaurants, retail, and services. Multifamily residents in walking distance of commercial activity is the demographic that an urban district needs to function.
The Joint Venture Partnership
Tokyu Land Corporation, High Street Residential’s partner on the project, brings Japanese real estate capital into the venture. Foreign capital partnerships on US multifamily development have become more common over the past decade as international real estate investors have sought exposure to US urban housing demand. Tokyu has been increasingly active in US markets, and the Richardson project is part of its broader US investment portfolio.
The joint-venture structure shares the development risk and the eventual operating returns between the partners. Trammell Crow brings the development expertise, the local relationships, and the construction management capacity. Tokyu brings capital and the institutional patience that international capital partners often have for longer-term projects.
The Delivery Timeline
Q4 2027 delivery means the project will be in active construction through the next 18 months. Site work, foundation work, structural construction, and the building envelope all have to happen before interior buildout begins. For Richardson residents who pass the site daily, the visible signs of progress will include excavation, foundation pouring, vertical construction, and the eventual exterior cladding work that will give the building its final form.
Once the project is delivered, lease-up typically takes another 12 to 18 months for a community of this size to reach stabilized occupancy. By 2029, the building will be operating as one of the established multifamily communities in the CORE District, contributing to the daytime and evening foot traffic that the rest of the district’s commercial development depends on.
For now, the groundbreaking is the milestone. The next visible milestones will come as construction progresses, and the project will become part of the visible CORE District transformation through the rest of 2026 and into 2027.