At its June 27 meeting, the City Council approved a fourth amendment to the Addison Circle Transit-Oriented Development Memorandum of Understanding (MOU) with the preferred development partner team of AMLI Residential/Stream Realty Partners. The original MOU was approved on April 12, 2022. Subsequent amendments were made on November 8, 2022, January 10, 2023, and April 25, 2023, which updated the project schedule, made minor modifications to square footage and residential units, and adjusted economic development incentives for Stream and AMLI.
The fourth approved amendment encompasses modifications to the development plan, including revised building heights and parking configurations, and updates to economic development incentives. These changes, which will require amending the project zoning, are designed to optimize the project's design, functionality, and economic viability, ensuring a well-rounded and sustainable development for the community. They include:
Stream Office Building and Parking Garage:
- 150 parking spaces for retail/restaurant/entertainment node moved to AMLI tower garage
AMLI Multi-Family Tower and Parking Garage
- Height of tower increases from 13 stories to 14 stories
- Western part of building steps down to 7 stories and then 5 stories
- Parking garage changed from podium design to a wrap design with the addition of 150 retail parking spaces
- Trash and service area for retail/restaurant/entertainment tucked under building
Other deal points of the amendment include the reduction of the parking garage incentive and adjustments to the Master Office Lease terms. Additionally, the amendment involves the Town's contribution for the inclusion of retail parking spaces, an extended ad valorem tax incentive, the reapplication of a retail sales tax incentive, and the agreement to reimburse multi-family off-site infrastructure costs.
The current project timeline anticipates construction beginning in March 2025.
You can watch the Council's MOU amendment discussion here and read the presentation here.