This document summarizes a development project in Carrollton, Texas called Union at Carrollton Square. It provides details about the phases, amenities, funding, and lessons learned. Phase 1 was 98% leased within 8 months and included 314 apartments and a restaurant. The city participated through funding, leases, and infrastructure support. The developer expects to see profit returns by 2015 through a 50/50 profit share agreement. When selecting a master developer for future projects, the document recommends considering team depth, development approach, and long-term commitment to the area.

1. Where Connections Happen
Peter J. Braster
Senior Development Manager

2. Transit System Map
Opened 12/2010

4. Square

5. Square

7. Phase 1 98% Leased in
8 months!
• 314 Apartments:
Phase 1 = 8 Live/Work + 170 apartments
Phase 2 = 134 apartments
• Twisted Root Restaurant
• Parking Garage: 460 spaces
which includes 125 municipal spaces
• Development Budget:
Phase 1 $25,941,667
Phase 2 $10,754,723

8. Carrollton’s
1st Public/ Private Partnership
City Participation: $13,233,726
•
•
•
•
•
$8,050,000
Ground Lease
Parking Garage Lease
Funded Parking Garage (Include 125 Public Spaces)
Public Infrastructure: Utilities, Streets, Streetscape
Construction Security Incentive Refunded with Interest 1 year early
• 50 / 50 Profit Share
• Expect Profit return by 2015

9. 5/31/11

10. 8/2/12

11. Union at Carrollton Square Phase 2

12. Union at Carrollton Square Phase 2

13. Transit System Map

14. Trinity Mills Transit District is the #1 TOD
Development Opportunity in North Texas with
25.5 acres of developable land owned by the City of
Carrollton and Dallas Area Rapid Transit.

15. Master Developer To Be
Announced Soon!

16. DART System Map

21. Lessons Learned

22. Who is the Right Developer?

23. Who is the Right Developer?
It could be a great team of firms.

24. Who is the Right Developer?
It could be a great team of people.

25. Who is the Right Developer?
It could be a big name.

26. Who is the Right Developer?
You will know them when you see them.
Some things to consider:
• Make sure the bench is deep.
Your deal is with the firm not the person.
• Are they a Merchant Developer?
Build and sell.
• Are they in it for the Long Haul?
Build and hold.