The council approved an economic development agreement on April 5 with the company that will cost the city about $221,000 over 10 years while also freeing up space in Old Town for redevelopment in line with the city’s Old Town Master Plan.
The goal of the master plan is to revitalize the Old Town area and create a dynamic environment for living, dining, entertainment, and employment opportunities. One specific strategy to accomplish this is the redevelopment of heavy industrial sites near the Charles Emery Old Town train station, where the John Burns Construction lay-down yard and office are now located, according to a city memo.
John Burns agreed in 2019 to sell its Old Town Property to the Denton County Transportation Authority for future development of DCTA’s headquarters, a multimodal transit center, additional private office space and a possible university presence as long as the company had the city’s help locating an appropriate relocation site as well as certain financial incentives, the memo stated.
The deal not only allows for the future redevelopment of the Old Town property, but it also retains the construction business within Lewisville.