Stream Realty Partners, AMLI Residential Named Developers For $472M Transit-Oriented Development In Addison
One of the last available land parcels in Addison will be transformed into a transit-oriented, mixed-use community, following approval of developers for the 18-acre property.
Addison Town Council voted April 12 to approve a memorandum of understanding that names Stream Realty Partners and AMLI Residential as master developers for the $472M project, which will be built adjacent to the 10-acre Addison Circle Park. Upon completion, the development will include two 150K SF Class-A office buildings, two luxury apartment buildings, 24K SF of ground-level retail, a 120-room boutique hotel and a 45K SF entertainment complex called The HUB.
“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 Stream Realty Partners, said in a statement. “This development fulfills every possible need, including ease of access, great dining, beautiful green space and more.”
The three-phase project will be built around the future Silver Line, Dallas Area Rapid Transit’s east-west commuter rail that will traverse seven cities between DFW Airport and Plano. Addison’s station is expected to be complete in mid-2024.
The selection of AMLI and Stream as the developers is the culmination of a request for proposals process led by Cushman & Wakefield that began in 2021. Five proposals were submitted, but the council ultimately chose AMLI and Stream’s project due to its potential tax revenue generation, impact on DART ridership, plans for walkability and connectivity, and more.
“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,” Mayor Joe Chow said.
The town is providing $23M worth of incentives for the first phase of the project, which is anticipated to cost $344M. Additional incentives could be approved for the following phases.
Phase 1 is expected to break ground in the second quarter of next year and be complete in mid-2024. All phases are expected to be complete by 2028.