April 14, 2022 - TRA Newswire -
The city of Addison has been patiently waiting for trains to visit its rail station since Dallas Area Rapid Transit was created in 1983. With the DART Silver Line on the horizon to start running trains between Plano and DFW Airport in the next two years, the area around the rail station is getting some major love.
AMLI Residential and Stream Realty Partners have announced they will create an 18-acre transit-oriented development (TOD) to compliment the rail station in Addison.
The Addison Town Council voted April 12 to name AMLI and Stream as the master developers of a $472 million project, next to Addison Circle Park and the rail stop. Upon completion the project will include two luxury apartment buildings, 24,000 square feet of retail, a 120-room boutique hotel, two 150,000 square foot office buildings and a 45,000 square foot entertainment venue named The HUB.
The choice of AMLI and Stream came from the company that the city of Addison hired in 2020 to solicit proposals from developers. Real estate service firm Cushman & Wakefield presented several proposals to the city. Mayor Joe Chow, in a statement, said that “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. 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.”
According to the city, some of the factors that led to AMLI and Stream being named master developer were potential tax revenues that the development would generate, the company's experience, financial capability as well as impact from DART ridership, creation of walkable and bike connections, shared parking allocation and a commitment to sustainability.
The city began acquiring property around the former Cotton Belt rail line when DART was formed in the 80's. DART is a key player in the project through what the town describes as a ground lease to allow DART bus and train service as part of the mix.
The city plans to break ground on the project in the second quarter of 2023 with phase one expected to be completed in mid-2024 when the Addison station will see its first passenger train in over half a century.
Photo credit: City of Addison - Circle Park will anchor the $472 million project