$500 million urban village in Frisco will offer variety of housing

May 05, 2014

Developers in Frisco have begun construction of an urban-style mixed-use village that will have almost 2,000 homes.

The $500 million Canals at Grand Park development on Legacy Drive will have a variety of apartments, houses, townhomes and senior townhouses built around landscaped parks and waterways.

Dallas-based Charter Holdings and Arcadia Realty Corp. are the developers of the land, which is west of Dallas North Tollway and near Frisco’s Main Street.

Work has begun on the 152-acre project at Legacy and Cotton Gin Road. The first homes should be ready next year.

First phases of the apartments, single-family homes and senior living homes are starting construction at the same time.

“We wanted this community to be developed with new urbanism, so it doesn’t look like a traditional suburban subdivision,” said Charter Holdings CEO Ray Washburne said Monday. “Since it is all coming up at once, it will be incredible.”

The first phase will include 365 apartments by builder StreetLights Residential. The developer is doing a combination of flats and townhouse-style rental units.

Almost 1,100 apartments are ultimately planned in what will be StreetLights’ first suburban Dallas project. The company has apartments in Uptown and downtown Dallas.

“Our whole project will be in three phases,” said StreetLights CEO Doug Chesnut. “We will have the first phase finished late next year.

“The units in the buildings will have walk-up front doors and front porches,” he said. “This is an old way of thinking that we forgot.”

The single-family home neighborhoods will also be built with houses that front on tree-lined streets and face the almost dozen small parks and greenspaces.

“It’s not a walkable neighborhood unless you have places to walk,” said Arcadia CEO Bill Gietema. “Everything has been sold, and we will have a variety of different home sites” for the townhouses, patio homes and traditional homes planned in the project.

Builders including CB Jeni Homes, Darling Homes, Cambridge Homes, Normandy Homes and Drees Homes have bought the home sites, Gietema said. “It will be the late fourth quarter when we deliver the first building lots,” he said.

Developer Integrated Real Estate Group will also do a 495-unit seniors housing community in the Canals project.

“We are doing the majority of it in the first phase — 366 units,” said CEO Rick Simmons. “This is the perfect environment for us to do multigenerational housing.”

Integrated Real Estate has seniors housing projects across the state and is about to start one in the AllianceTexas community in North Fort Worth.

“We are one of the largest independent living and seniors housing developers,” Simmons said.

Article: http://www.dallasnews.com/business/commercial-real-estate/headlines/20140505-new-frisco-urban-village-will-have-a-variety-of-housing.ece