A $240 million mixed-use project planned near the Addison Circle Silver Line DART station has received key approval from city leaders.
The Addison City Council approved a development agreement with Dallas-based Quadrant Investment properties for the Addison Junction project.
The 14-acre district will include a more than 155,000 square foot timber office building, a 140-room boutique hotel, 30,000 square feet of entertainment space, and The Hangar — a 12,000 square foot aviation-inspired event venue.
Restaurants, a Texas-themed beer garden, rooftop patios and public plazas will help link the development to Addison Circle Park and the Cotton Belt Trail Corridor, part of the 57-mile regional hike-and-bike system.
D-FW Real Estate News
Phase one of the project will be an entertainment facility, full service restaurant and/or retail facilities. A minimum of 30,000 square feet will be set aside for restaurant or retail use. Other items include a farmer’s market, public park, pickball courts and surface parking, according to city documents.
As part of the agreement, Addison will invest $40 million in infrastructure and two parking garages, leveraging more than $200 million in private development.
City officials estimate Addison Junction will generate more than $300 million in annual economic output and support more than 1,600 permanent jobs.
“As an economic developer, this is the kind of project we’ve been working toward foryears,” Wayne Emerson, Addison’s director of economic development, said in a statement. “Quadrant’s innovative approach and focus on quality position Addison Junction as the center of gravity along the Tollway.”
The city began assembling land around the rail corridor in the 1980s in anticipation of future light rail service. In 2019, Addison adopted the Addison Circle Special Area Study to guide development around the Silver Line station.
Earlier concepts for the project included residential development, but changes in the market and development partnerships resulted in the plans focusing on commerical and entertainment uses, city officials said.
The DART Silver Line will run through Addison, placing the northern city on a 26-mile commuter rail system linking Plano, Richardson/UT Dallas, Carrollton, Cypress Waters, Dallas, and DFW International Airport.
“Addison Junction offers a rare canvas to provide a destination pedestrian-oriented district that will bring together office, hospitality, and entertainment on one of the last infill sites of scale in DFW,” Chad Cook, Quadrant’s founder and managing partner, said in a statement.