At its April 12, 2022 meeting, the City Council approved a Memorandum of Understanding (MOU) between the Town and a Co-Developer team of AMLI Residential and Stream Realty Partners to execute a multi-phase, transit-oriented mixed used development on Town and DART owned land in the vicinity of the future Addison Silver Line Station. Since that MOU was established, the Co-Developer team has worked in good faith with Town staff to advance the due diligence process through the drafting of agreements and application for rezoning and concept plan review for this $472 million investment. At the November 8, 2022 City Council meeting, the first amendment to the MOU, which provided for an updated project schedule and due diligence period, was approved by City Council.
The purpose of this second amendment to the MOU is to account for refinements to the proposed development program, which includes minor modifications to the amount of office and retail/restaurant/entertainment floor area, the amount of multifamily residential units, and associated parking and site improvements. Additionally, this second amendment to the MOU also accounts for minor refinements to the project schedule and sets conditions for the Co-Developer team to pursue a new partner for the retail/restaurant/entertainment node at the core of the project. These modifications will serve as the foundation for the final development agreements between the Town and Co-developer team.
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