Stream Realty JV to Develop $472M Mixed-Use Project

The Addison City Council through a memorandum of understanding has selected Stream Realty Partners and AMLI Residential as master developers of a $472 million transit-oriented development across 18 acres in Addison, Texas. Cushman & Wakefield facilitated the deal, which received multiple offers from developers.

The initial phase of the mixed-use project will include a nearly 160,000-square-foot office building. An additional 150,000 square feet of office space is expected to be delivered at a later stage. The preliminary construction timeline for the first phase includes an anticipated groundbreaking in the second quarter of 2023 and completion set for mid-2024.

The first phase will incorporate:

• A six-story building with 150,000 square feet of Class A office space and 9,000 square feet of retail space on the ground floor
• A seven-story and a 13-story luxury multifamily component with a combined 14,000 square feet of retail
• A parking structure with 650 spaces as well as street-level retail
• An entertainment complex encompassing 45,000 square feet

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The mixed-use development will take shape along the 10-acre Addison Circle Park, clustered around the city’s future Dallas Area Rapid Transit (DART) Silver Line station. The upcoming Silver Line or Cotton Belt Regional Rail Corridor will stretch across 26 miles and seven cities. The commuter rail extension will connect the Dallas-Fort Worth International Airport to Plano, Texas. Another developer taking advantage of the Silver Line is Transwestern Development Co. The company has teamed up with BC Station Partners to deliver The Exchange at CityLine, a forthcoming six-story office project in Richardson, Texas.

Office development across DFW

Based on Cushman & Wakefield data, the Dallas-Fort Worth metro had 4.7 million square feet of office space underway in the first quarter of 2022. During the same period, the market had a 21.6 percent overall vacancy rate, a 10-basis-point contraction compared to the previous quarter.

In March, Stream Realty Partners broke ground on The QUAD, a 350,000-square-foot mixed-use project in Uptown Dallas. MSD Partners provided a more than $176 million construction loan for the development, which is expected to come online by early 2024.