PLANO, TX—Developers are eying the Telecom Corridor north of downtown for multifamily developments, including one local real estate investor Abid Abedi, who will break ground this week on 19 acres at the northwest corner of Plano Parkway and Independence Parkway in Plano.

Abedi is developing the land for the construction of 182 new single-family townhouses/condos. Chris Callicutt and Robert Grunnah of Novus Realty Advisors represented the seller in this transaction and have brokered portions of this 25-acre land parcel for several years.

"It was a group effort on all fronts between the developer, the brokers, the adjacent neighborhood and the City of Plano,” Callicutt told GlobeSt.com. “More importantly, the timing is right on. The Plano/ Richardson markets are expanding and the development will supply an already under-represented product type."

In 2013, Callicutt and Grunnah arranged the disposition of six acres to a senior housing developer. In 2014, the brokerage team and interested parties fought for a zoning change to single family. After several city council meetings and winning a super majority vote, they were able to convert the zoning to single-family attached, for high-density townhomes.

“This is a great investment opportunity,” says Abedi. “This is such a popular area; Plano ISD schools, close proximity to major employment districts, minutes from UTD, and convenient to great shopping and dining venues—an excellent place for affordable townhome living which is lacking in the Plano area.”

Megatel Homes has contractually agreed to a takedown schedule and should begin construction on the new townhomes in the first quarter of 2016. The North Texas builder plans to construct two-story townhomes ranging from the $300s to $350s. The townhomes will feature unique designs with three- and four-bedroom plans, two- and three-bathroom options, large master suites, studies, two-car garage and a host of other distinct features.

“We fought hard to get this deal done for all parties involved,” says Callicutt. “Many hours were spent presenting the plan to City Council, we believed this is the best use for the land and provides great benefit to the City of Plano and investors.”