Council Extends Deadline for Transit-Oriented Development Agreement

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 use development on Town and DART-owned land in the vicinity of the future Addison Silver Line Station. Four subsequent amendments to the MOU were approved as the Town and the developer team worked to address the due diligence, zoning, and concept plan process as well as the draft incentive agreements, ground leases, and other documents necessary to advance the project. Since the approval of the fourth MOU amendment in June 2023, Stream Realty Partners has withdrawn from the project and will no longer develop the office portion.

Council approved a fifth amendment to the MOU at its October 24 meeting that extends the term of the MOU until January 31, 2024. It does not change any of the current provisions relating to incentives or the anticipated office, retail, and residential uses and design of the project. This extension will give the Town and AMLI Residential time to identify and select a new office developer. If this occurs, further amendments to the MOU will be necessary to address any updated terms and changes to the project schedule. 

You can watch Council's MOU discussion here and read the presentation here.