The Addison City Council has selected a developer for a $472 million project that will fill one of the largest areas of open land in the city. The development will coincide with the arrival of the DART Silver Line, expected to open in 2024.
The Silver Line will connect Plano to DFW Airport. Among ten planned stops is one on Addison Road near Addison Airport.
"For more than three decades, the town has been anticipating the arrival of DART rail service," said City Manager Wes Pierson. "In preparation for its arrival, the town has been patiently and strategically accumulating property and planning for how that property might be used as part of a transit-oriented development project."
The first phase of development will include a six-story office building at the southeast corner of Addison Road and Festival Way. The office building will also include 9,000 square feet of retail space and a parking garage. An "indoor-outdoor entertainment and dining venue" called, "The Hub" will be built next to the office building. Two apartment buildings, which will also include retail space, will be built as part of the first phase.
The Addison City Council has chosen AMLI Residential and Stream Realty Partners for the project. The first phase is expected to be completed around the time the Silver Line opens.
"I think this is going to serve us well in the future and be exactly the kind of development we all envisioned in some hazy way when we first started this process," said Councilman Paul Walden.
The second phase would include a six-story office building and parking garage. The garage would also be available for DART users.
The third phase would include construction of a 120-room "boutique" hotel.
"We looked whether or not there were multiple connections between the development and DART station; we looked at the walkability and pedestrian and bike connections," said Addison Director of Economic Development and Tourism Orlando Campos.
Construction on all three phases is expected to be complete in 2028. The entire development will cover about 18 acres near Addison Circle Park.
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