Addison Pacesetters Learn About The Vitruvian Park Development at Dunn Bros. Coffeehouse
Addison Pacesetters (the 50+ group) meet the first Wednesday of each month at Dunn Bros. Coffeehouse on Beltline Road and learn about the Town of Addison. This month, Carmen Moran, the Director of Development Services,spoke to us.
Here are some interesting tidbits from her presentation:
- Carmen has worked for the Town of Addison for almost 26 years. she is a landscape architect by training and now is an urban planner.
- The area where Vitruvian Park is being constructed was first built out in the 1970s with apartments that were meant to last 15-20 years.
- Tom Lamberth and UDR purchased the 9 apartment complexes up and down Brookhaven Club Drive in Addison with the intent to "re-develop" the area. It is being rebranded as Vitruvian Park.
- Addison Circle was raw land when it was built and was "developed" rather than "re-developed."
- The concept of Vitruvian Park will be like what "The Village" off of Central Expressway was in the 1980s.
- There will be extended jogging paths, public spaces, bridges, creeks, and parks on both sides of the Farmers branch of the Trinity River that runs through the area. The development will connect to the current Tom Thumb shopping center location.
- UDR owns all properties up and down Brookhaven Club Drive in Addison, with the exception of the 39 townhouses at the west end of the street, and at the north end, all but the convenience store strip and the Lemons building at the Spring Valley intersection.
- Phase 1A will have 663 apartments and they are now pre-leasing.
- Addison has a $39 Million committment and is levering the investment. UDR's committment is $1 Billion. Addison did not provide tax abatements.
- For the Addison Circle project, the town committed $11 Million and private investment totaled $340 Million.
- If UDR had taken this project to Dallas instead of Addison, it would have been a 5 year process just to get started. They chose Addison because of the "can-do" attitude.
- There will be 99 acres of residential and public areas and 20 acres of shopping.
- The build out will take 15-20 years and Addison's monetary committment will also be spread out over this timeframe.
For more information on Vitruvian Park, watch the video.
Next month, the first Wednesday is November 4th. Come out and join the Addison Pacesetters at Dunn Bros.