Monday, December 19, 2016

LITTLE TOWNS WITH BIG APPEAL: ADDISON

Little Towns With Big Appeal: AddisonAddison has managed to fit about 190 restaurants, 10M SF of office, 22 hotels and 15,000 residents into 4.4 square miles. But it didn't happen by chance.

The economic development department of Addison has existed for less than six years and when its director, Orlando Campos, took the inaugural role, office vacancy hovered around 24%. Today, office vacancy stands at 13.2%.  Cawley Partners and USAA delivered Tollway Center on Dallas North Tollway in Q3 with 26% of the 198k SF building left to lease.  

Orlando says the town is working with developers on new office buildings and that while the tenant mix in Addison is diverse, it has seen the most growth in the tech and software sector. Cawley has another project on the Tollway called Fourteen555 that will have two 240k SF, six-story buildings in a campus-like setting with a restaurant and outdoor amenities. The project will break ground in Q1 2017 and deliver in Q3 2018. 

Finance and insurance make up the bulk of the town's employment base with real estate, food services, retail, wholesale trade, transportation and manufacturing decently represented as well. The median household income tops $60k annually, but that doesn't tell the whole story. Addison's population of 15,000 swells to 125,000 during business hours.

Addison provides a central location for both an entry-level workforce commuting from Uptown and a management workforce coming from Plano and Frisco, Orlando (left with Addison Airport deputy director Darci Neuzil and Addison Mayor Todd Meier) says. But as a landlocked city that's less than five square miles, Orlando knows Addison will reach build-out soon. "We're identifying areas that need redevelopment and we've already seen lots of interest in those efforts, like at Addison Grove," he says.

 Fenway Development has submitted development plans for review of a mixed-use redevelopment on Belt Line and Midway roads. At build-out, the 16-acre development will have 178 townhomes, a few live/work units, 330 multifamily units, 20k SF of retail and three public parks.

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Julia Bunch/Bisnow