'$5B mile' in Frisco, TX lands new apartment project

Dive Brief:

JPI, an Irving, TX, developer has announced plans to build a 440-unit apartment complex in the $700 million Gate development along the "$5 billion mile" in Frisco, TX, according to The Dallas Morning News.
The units will be divided between two buildings, both five stories high, and construction is expected to begin next year.
Frisco's "$5 billion mile" is a reference to the mixed-use projects springing up along one stretch of road in the former dove-hunting hub. City officials estimate there is an additional $2 billion of development throughout the rest of Frisco.

Dive Insight:

In May, Frisco officials gave their first approvals for a 17-story, luxury residential high-rise for the Dallas Cowboys' $1.5 billion Star in Frisco complex. The mixed-use project will offer up to 160 rental apartments, each one 1,200 square feet and aimed at drawing in empty nesters and those affiliated with the Cowboys. The Star in Frisco already features a 12,000-seat performance venue, office building, hotel, medical center and other amenities, but this will be the project's first residential building.

Developers of Frisco Station, another $1.5 billion mixed-use project in the Dallas suburb, are also building a residential tower, a 24-story "urban living" high-rise, which will add to the existing planned stock of homes there. In fact, additional apartment construction is also underway. The first project in Frisco Station, a 228,000-square-foot office tower, is now in progress with a 300,000-square-foot retail and entertainment complex and a 40-acre medical complex to follow.

In April, NewcrestImage started construction on two hotel projects in Frisco Station, two Marriott properties that will provide a total of 300 rooms. The builder also has plans to construct a Canopy by Hilton hotel there as well, although that project will accompany a future phase.

Cowboys' owner Jerry Jones is also heading up another development not too far from Frisco in Prosper, TX. Jones and developers for the 500-acre, $1 billion Gates of Prosper project have started construction on a 93-acre shopping center, which is the first phase of the project. Developers are on a 20-year schedule, and, when complete, the Gates of Prosper will offer residential, office and retail space.