Verizon Communications Inc. (NYSE:VZ) unveiled plans for a new corporate magnet in Las Colinas, which will bring ample office, residential, hotel, green and retail space to the city. The latest mixed-use development, named Hidden Ridge, surrounds company’s North Texas businesses and already comprises a 1.2 million-square-foot area that will work as the Irving-based headquarter office of Pioneer Natural Resources.
In all, Verizon and its advancement associates can develop additional 1.5 million square feet of office space, a 200-room hotel, 1,200 residences or apartments, 80,000 square feet of retail and restaurant space and a 2-acre green area with facilities on the historic Carpenter Ranch. The 110-acre planned mixed-use development is close to a DART rail station, turning it an interesting corporate destination. Verizon is close to completing a contract for a master developer of the assignment.
The “technology-infused,” area Verizon intends to advance will offer a seamless user experience across different types of space. This campus will assist firms engage and retain employees. For Verizon, the firm’s Irving campus houses as many as 4,000 personnel throughout a variety of business segments. Verizon and its predecessor has been one of largest employers of Irving for almost three decades. The NY City-based telecom company’s investment in Hidden Ridge showcases the firm’s commitment to the city.
This project will also change a historic part of the city into a place for the residential and business community to coverage. Hidden Ridge will benefit the firms that decide to locate within the assignment, as well as the overall community. Pioneer Natural Resources will get almost $6 million in economic incentives for its shift to Hidden Ridge. For Hidden Ridge, the project architect is Gensler. On behalf of Verizon, CBRE would be representing in leasing the mixed-use advancement.
In the last trading session, the stock price of Verizon gained 0.23% to close the day at $43.66.