Plano, Texas—High Street Residential and Principal Real Estate Investors have joined forces to develop The Residences at Legacy, a 25-story apartment tower in the heart of Plano, Texas’ Legacy Town Center.
“The development fits in with High Street Residential’s philosophy of finding best-in-class sites within best-in-class markets and delivering best-in-class quality,” Joel Behrens, principal with High Street Residential, told MHN. “We believe with our experience next door with the Legacy Tower office building and our current design for the Residences at Legacy, that we have another great opportunity to continue this legacy and philosophy.”
The development will include 300 units, including one-, two- and three-bedroom units, with select floor plans featuring studies.
The project will offer residents more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center overlooking one of the pool courtyards, conference rooms, business center, a lounge, media room, Wi-Fi throughout the common areas, an entertaining kitchen and bike storage.
Outdoor amenities include a resort style pool courtyard with sunbathing shelves, water features, fire pits and grilling areas, a 7th floor amenity deck with a second resort style pool courtyard with sunbathing shelves, water features, fire pits, grilling areas and a large dog park
“The Residences at Legacy will deliver Class A high-rise living quality apartments and on-site amenities currently unmatched in the marketplace to the already amenity rich Shops of Legacy,” Behrens said. “In addition, the project will feature a significant number of larger apartment layouts targeting empty nesters looking to have a residence near their friends and family with custom home finishes while also providing them the opportunity for a true luxury lock and leave lifestyle.”
Situated at the corner of the Dallas North Tollway and Legacy Drive, the development will offer residents and employees a luxury rental option that is currently unavailable in the area.
“To be able to be the first mover on luxury living in a highly affluent market that was named the third ‘Best Place to Live in America’ by Money Magazine in 2016, and to neighbor corporate relocations such as Toyota, JP Morgan, Liberty Mutual, and Fedex is a very exciting development opportunity,” Behrens said. “The project also benefits from great access via Dallas North Tollway and SH-121 to the greater metroplex, and Plano’s excellent nationally recognized schools and public safety.”
MPF Research showed that Q32016 apartment occupancy in Plano was 96.5 percent, cementing it as one of the fastest growing cities in America. The area has seen a run up in single-family home prices and has a very low single-family inventory and submarket.
“In addition to the tight housing market, there are currently no for-rent comparables within the submarket for the Residences at Legacy,” Behrens said. “We saw this as a great opportunity to provide luxury apartment living within the highest growth area of Plano at a time where major corporate relocations alone are providing employment growth well above other submarkets.”
The project will have sustainable building features and will be seeking LEED(r) certification.