AMLI Residential and Stream Realty Partners will oversee the creation of an 18-acre transit-oriented development in Addison, Texas, north of Dallas, at an estimated cost of $472 million.
The Town of Addison named the two firms as developers for the project this week through a memorandum of understanding. The mixed-use project is planned around the city’s forthcoming Dallas Area Rapid Transit, or DART, Silver Line station and will be delivered in phases.
Addison City Manager Wes Pierson said in a statement that the mixed-use project will have “significant economic impact for Addison and the region.” The project underscores the booming activity happening outside downtown Dallas as people move towards the suburbs and the Dallas-Fort Worth metro area attracts companies and talent from outside the state.
“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,” Brad Dornak, director of development at Dallas-based Stream Realty Partners, said in a statement.
The first phase of the project includes a six-story Class A office building with 150,000 square feet; two luxury multifamily buildings — one 13 stories high and the other seven stories — plus ground-floor retail; a 650-care parking structure; and a 45,000-square-foot entertainment complex operated by The HUB.
Future phases will include another 150,000-square-foot office complex, a hotel and an additional parking structure.
“As we come out of the pandemic, businesses are re-evaluating their office needs. They are looking for developments which are rich in amenities,” Dornak said in a statement. “This development fulfills every possible need, including ease of access, great dining, beautiful green space and more.”
Construction is slated to begin in the second quarter of 2023 if all developer agreements are completed. Phase one of development is expected to be completed in mid-2024, which will align with the completion of the Silver Line station.
The Silver Line is a 26-mile commuter rail line that spans Collin, Dallas and Tarrant counties as it provides service from Dallas’ northeast suburbs to the Dallas-Fort Worth International Airport.
Cushman & Wakefield helped the town solicit proposals from developers, according to the release.
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