Goldenrod gussies up Richardson office building bought for a bargain

Anyone who doubts DFW’s success in drawing New Yorkers to North Texas in recent years can find anecdotal evidence in the delicatessen that Goldenrod Companies is touting as part of its renovation of a 25-year-old Collins Crossing office building in Richardson.

The bagels-and-pastrami play is a followup act, though — other plans to spruce up the 300,000-square-foot property, at 1500 North Greenville Avenue, will stick to the lobby and corridors and bathrooms on floors with multiple tenants, the Dallas Morning News reported.

The building is nearly full, just eight months after Goldenrod bought it at 66 percent occupancy.

The Omaha, Nebraska-based developer has not said how much it plans to spend on renovations for Collins Crossing, which it acquired on undisclosed terms in January. Goldenrod has already added leases for a so-far unnamed technology company and homebuilder Chessman Homes, which both expected to move into Telecom Corridor building early next year and take occupancy to about 93 percent.

Collins Crossing also has 3.5 acres available for multifamily development, Goldenrod’s Southwest regional president John Zogg told The Real Deal in December.

“They came to us at a good price. We said we were busy. We would do it at this price, which was lower, and they took it,” Zogg said of the firm’s negotiations with seller Franklin Street Properties.

The firm is busy with a development in West Dallas’ Trinity Groves, where it plans to add thousands of residences, several hotels and millions of square feet of office space over 45 acres.

It is also at the forefront of a $400 million development in Fort Worth, called One University. Construction started this spring on a 10-story building with 240 apartments and 10,000 square feet of retail at 1001 University Drive.

Future phases of One University will build out 120,000 square feet of office space, 12,000 square feet of retail and a 171-key Autograph Collection by Marriott hotel.

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The firm is also developing the Van Zandt, a 250,000-square-foot mixed-use development at 2816 West Seventh Street in Fort Worth’s Cultural District.

“Fortunately, Goldenrod accumulated these sites during Covid. Two mixed use projects in what I believe is the best market in all of Fort Worth,” Zogg previously told TRD. “And virtually, I believe, Fort Worth is the best opportunity to invest in Texas. And they say Texas is the best market to invest in real estate in the country.”