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The City Council voted 6 to 1 Tuesday night to amend its agreement with Trammell Crow Co.'s High Street Residential so a $40 million project can be developed in two phases, rather than one. The first phase of the project will be near the Green Line extension of the expanding DART system.
"They are biting off what they know they can get done," Peter J. Braster, Carrollton 's transit-oriented development manager said before the council session began.
Council member Matthew Marchant, who led the motion to approve the changes, said he understood the economy has yet to steady itself.
"This is the reality of the marketplace right now," he said. "We are still on track to have it commence on the date we contracted."
Council member Terry Simmons cast the lone vote against the change, saying he was disappointed High Point officials weren't at the council meeting to address concerns on the night of the vote.
Under the changes, High Point will build the first phase with 170 units and associated retail space in three buildings. The second phase would be the remaining 125 units of the 295-unit project.
The initial phase of the project is valued at $31.6 million and it includes a $13.2 million contribution by the city. The city funds will be used for a parking garage and other plaza improvements at the site near Belt Line Road and Interstate 35.
Residential construction is expected to begin in October 2010 for occupancy in September 2011, Braster said. The Green Line's three stops in Carrollton are scheduled to open in December 2010.
Joblessness in Carrollton in September hit 7.9 percent, nearly double the September rate in 2007, according to the latest figures available from the Texas Workforce Commission.
High Street Residential focuses on old neighborhoods or new residential areas around commerce, culture and housing ventures. High Street has been involved in Dallas ' Uptown, downtown Garland and projects in Austin , Atlanta and Denver.
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