ADDISON, TEXAS — Texas-based Quadrant Investment Properties (QIP) will develop a new, $240 million mixed-use project in Addison, a northern metro of Dallas. Earlier this week, the Addison City Council approved a development agreement with the company.
Dubbed Addison Junction, the development will span 14 acres and will feature a 155,550-square-foot office building; a 140-room boutique hotel; 30,000 square feet of entertainment space; and The Hangar, a 12,000-square-foot event venue. Plans for the project also include restaurants, a Texas-themed beer garden, rooftop patios and public plazas.
A construction timeline was not disclosed.
Addison Junction will be connected to Addison Circle Park and the Cotton Belt Trail Corridor, both of which are part of a 57-mile hiking and biking path system. The property will also feature proximity to the Addison Airport, the Dallas North Tollway office corridor and the town’s bus transit center.
A new line of the Dallas Area Rapid Transit (DART) commuter rail system and the Addison Circle Silver Line Station are also currently underway near the development site and will offer connectivity to Plano, Richardson, Carrollton, Cypress Waters Dallas and the 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,” says Chad Cook, founder and managing partner of QIP. “With the Silver Line at its front door, this will be a true destination blending regional connectivity with placemaking.”
QIP specializes in urban office redevelopment and placemaking. Since 2012, QIP has investment more than $1.2 billion across three million square feet of projects.
The Town of Addison is currently home to more than 2,000 businesses and 17,000 residents, with a daytime population that exceeds 100,000.
— Hayden Spiess