Carrollton is close to entering into an agreement for the Trinity Mills Station development.
The Trinity Mills Transit Center District is located at the southeast quadrant of the President George Bush Turnpike and the Interstate 35E interchange and is composed of nearly 26 acres owned by Carrollton and DART.
According to city officials, the proposed transit-oriented development (TOD) is expected to include at least one high-rise office building, a brand-name hotel, several restaurants, multi-family housing and other amenities.
Krystle Nelinson, development program manager, said the agreement outlines that the first phase of multi-family units will be built on DART property. It also dictates that the developer cannot build any additional multifamily units until it delivers on the hotel or one of the high rises.
On DART’s side, the company is looking to establish the annual base rent amount for their property. However the developer is concerned the rental rate could affect its ability to receive financing for the multifamily development. Nelinson said if the developer cannot get the project financed it will have to build it on the city’s property since the city said it would be willing to not charge rent.
“Staff feels like this final integration of the term sheet protects the city’s interest and empowers the project to move forward in a manner that’s consistent with council stated goals and vision,” Nelinson said. “However it also makes a couple of compromises that allows DART and the developer to have that same comfort as we move forward.”
After the completion of a phase the developer will have 18 months to get the building permit for the next phase.
“This guarantees a continuous construction schedule throughout the project,” Nelinson said.
If the developer uses the full time allotted for each phase, the entire development could take up to 20 years to complete, which Nelinson said is not uncommon.
The city is expecting the project will take much less time, however.
Nelinson said a resolution authorizing the city manager to execute the agreement will be on the next City Council agenda. The DART board will receive the term sheet and briefing materials for its meeting Tuesday. After the term sheet is signed, the city will begin working on the master development agreement, which is expected to be executed in June.
Officials said the Trinity Mills Transit Center District is the largest publicly owned TOD site in North Texas and is one of the most connected sites with DART Green Line light rail service to Dallas and Denton County Transportation Authority (DCTA) A-Train commuter service to Denton.
“This and the Cotton Belt (rail line) is clearly the most exciting that’s going to happen to Carrollton for a long, long time,” said Councilman Steve Babick.