At its April 12 meeting, the Addison City Council approved a Memorandum of Understanding (MOU) naming the master developers for a signature multi-use development clustered around the upcoming DART Silver Line station at Addison Circle. In a unique partnership, arrangement noted multi-family pioneer AMLI Residential will join national real estate services, development, and investment company Stream Realty Partners as the master developers creating the signature 18-acre transit-oriented development (TOD).
Since the inception of DART in 1983, the Town of Addison has been accumulating property around the rail line formerly known as the Cotton Belt and planning for how that acreage would be used as a part of a transit-oriented development. DART has partnered with the Town through an innovative ground lease structure that allows for the inclusion of their property, both the train and bus stations, in the project.
“The Town leadership has postponed any development on this significant parcel in anticipation of a light rail station in Addison,” said Addison City Manager Wes Pierson. “Now that we have a more comprehensive DART timeline, we’ve been able to select a master developer to help us achieve the vision adopted by the City Council, which will have a significant economic impact for Addison and the region and will truly set Addison apart from other recent developments in the area.”
The development, which is situated adjacent to Addison Circle Park, effectively has a green space anchor. Addison Circle Park is a 10-acre master planned park with an established reputation for hosting special events, including one of the top ten fireworks shows in the country. The park is also home to a new interactive fountain, public art and more.
Since being tapped for the role in 2020, real-estate services firm Cushman & Wakefield has been actively soliciting proposals from developers with the capability to bring this development to fruition.
“Chris Harden and his team at Cushman & Wakefield took the time to listen to our needs and to help us envision how Addison can create a dynamic destination where North Texans will come to live, play and work,” noted Addison Mayor Joe Chow. “While we were presented with several great proposals, as we evaluated each, it became clear that the AMLI/Stream vision for Addison aligned with our strategic plans and our hopes for the future.”
Key factors weighing on the council’s decision were the potential tax revenue generated by the development as well as the experience and financial capacity of the developer. Additionally, all proposals were evaluated for their impact on DART ridership, the creation of walkable and bikeable connections throughout the area, robust shared parking allocation, and a commitment to environmental sustainability.
The Town envisions that the development will expand and solidify Addison’s reputation as a premier regional destination. The council purposefully sought out an imaginative development theme, distinctive architecture, and a mix of uses. The planned high-density lifestyle center is designed to integrate seamlessly with Addison Circle, which has been recognized as a pioneering example of new urbanism.
Phase one of the project includes:
- A 6-story Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail
- A 13-story luxury, multi-family building with exceptional amenities and an additional 9,000 square feet of ground-floor retail
- A 7-story luxury, multi-family building with exceptional amenities and an additional 5,000 square feet of retail space
- A 650-car parking structure with additional ground-floor retail
- A 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment venues and restaurants with an emphasis on daily events/festivals and famous for its beloved original location on 30A near Seaside, Florida.
Phase one of the development is slated to be completed in mid-2024 to coincide with the completion of the Silver Line station.
Additional phases include an office complex with an additional 150,000 square feet of space, a boutique hotel, and an additional parking structure all on the current DART parcel. The total cost for the development is estimated at $472 million.
Both Stream and AMLI have strong roots in Addison. AMLI built the very successful AMLI Addison luxury apartment community on Quorum Drive a few years ago. AMLI Senior Vice President of Development Joe Bruce is excited about the new project and its relationship with the Addison Circle development.
“Taylor Bowen and I worked on the original development plans for Addison Circle and are thrilled to be part of the team that helps ‘complete the circle’,” Bruce said. “Addison has been a great collaborative partner, and we’re proud to be selected to help create this walkable, livable TOD. The future is bright for Addison and the DART Silver Line.”
Stream has maintained a long presence in Addison including being the real estate broker for the iconic Colonnade Office Complex amongst other buildings in the community.
“We recognize Addison’s importance as a business hub for this region and anticipate extraordinary demand for the office space created as a part of this project,” said Brad Dornak, Director of Development at Stream Realty Partners. “As we come out of the pandemic, businesses are re-evaluating their office needs. They are looking for developments which are rich in amenities. This development fulfills every possible need, including ease of access, great dining, beautiful green space and more.”
The Town anticipates completing all developer agreements and other formalities within the year and hopes to break ground on the project in Q2 2023.