FRISCO, TX-Tonti Properties Inc. plans to break ground in April on a 270-unit complex, putting a 15-acre tract into play that it bought four years ago. The Dallas-based developer has begun pre-construction and permitting phases.
"It's probably the best multifamily site in Frisco," Rick Perdue, Tonti's regional director, tells GlobeSt.com. The class A complex, sporting a $27-million development tag, will go up at the corner of Lebanon Road and the Dallas North Tollway on the city's west side. The site neighbors the 550-acre Starwood, a single-family gated development situated two miles north of Legacy Business Park.
Perdue has returned from South Florida after two years of overseeing Tonti's condo conversions for the 240-unit Savannah at Riverside in Coral Springs and 384-unit Coco Park Condominiums in Coconut Creek. The Frisco project, though, will be rental units like the rest of the North Texas portfolio.
Perdue says the Frisco development, still unnamed, will have 15 residential buildings plus ancillary structures like a clubhouse. Designed by Womack + Hampton Architects of Dallas, the units will be 50% one-bedroom, 40% two-bedroom and 10% three-bedroom. Apartments, with direct access garages, will average 1,100 sf. Projected rents are still being defined. If the plan stays on track, the clubhouse will deliver in early fall, with the first units not far behind.
Tonti's portfolio now totals nearly 5,000 units in Denver, Phoenix, Greater Dallas and New Orleans. Perdue says this year's plan is to beef up the portfolio via acquisition and development. He predicts work will begin on a second banked tract along Hebron Parkway in Carrollton before 2007 ends.
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