Toll Brothers JV Breaks Ground on $50M Dallas-Area Project
Santander provided a construction loan for the project.
Toll Brothers rental subsidiary Toll Brothers Apartment Living has broken ground on Mirra, a five-story, 285-unit luxury rental community it is constructing with joint venture partner Pondmoon Capital USA.
Totaling more than 330,000 square feet, the property is located in Frisco, Texas in the Dallas-Fort Worth Metro area. The project is being financed through a $49.5 million construction loan from Santander Bank. Originated on Dec. 12, 2022, the loan matures on June 16, 2026, according to Yardi Matrix data. The community is expected to be completed in 2024.
Located at 8320 Church St., Mirra is being built on a 2.96-acre lot in the master-planned community of Frisco Square. The project is adjacent to Remy and Kilby, two communities totaling 615 units, which were developed by Toll Brothers Apartment Living and other partners. Kilby was completed in 2021, with Remy slated to open this fall.
John McCullough, president of Toll Brothers Apartment Living, noted in a prepared statement that Frisco is a rapidly growing suburb, known for its entertainment options.
Mirra will offer studio, one- and two-bedroom floorplans. The apartments will have granite countertops with tile backsplashes, stainless steel appliances and designer custom cabinetry, with wood-style flooring in living areas and carpeted bedrooms. Units will include oversized closets and smart home features. Private balconies and terraces, as well as private yards, will be offered in select residences.
Community amenities include a lounge and bar, social mailroom, resident clubroom, billiards lounge, coworking area, fitness center and resort-style pool. The property will offer an outdoor lounge with gaming and grills, as well as a bicycle lounge. The property will offer parking for 435 vehicles, including a structured parking garage with electric vehicle charging stations.
Mirra will be situated at the intersection of Church and Oglethorpe streets, adjacent to the Dallas North Tollway, which is a major thoroughfare providing direct access to large employment corridors, including Frisco Square, Legacy Business Center, Granite Business Park, the new PGA of America Headquarters, Legacy West, Hall Park and The Star. Frisco’s city hall and Medical City Frisco hospital are also located nearby. Dallas-Fort Worth International Airport and Dallas Love Airport are accessible from the property.
Patrick Chen, CEO of Pondmoon, said in prepared remarks that the recently announced Universal Studios theme park, which will be designed for families with young children and built north of Mirra, is an example of the momentum in the growing region.
Chen stated that Pondmoon’s belief in the economic and population growth of the Frisco area is part of its plan to expand its multifamily portfolio in Sun Belt markets. Pondmoon and Toll Brothers completed Ferro, a 379-unit rental community in Plano, Texas, in November and, earlier this month, opened Notion, a 290-unit luxury property in the Atlanta suburb of Decatur, Ga.
Last week, Toll Brothers and joint venture partner CrossHarbor Capital Partners broke ground on Vermeer, a 501-unit mixed-use community in Washington, D.C.’s Buzzard Point neighborhood. Completion of that project, which will include 37,000 square feet of ground-floor retail space, is slated for 2024.