A Frisco development that stalled during the recession is reviving with new construction.
A 275-unit urban-style apartment project will be built in Frisco Square by developer PegasusAblon and investor Behringer.
It’s the second major addition announced in the last few months for Frisco’s 14-year-old town center on the Dallas North Tollway.
“We are putting the same kind of amenity base in the project that people want in Uptown and Legacy,” said developer Michael Ablon. “There’s a large constituency that wants that in Frisco.”
The four-story Ablon at Frisco Square will be constructed south of Main Street and just across from Frisco’s City Hall.
Ablon said the apartments, designed by BGO Architects, will open at the end of next year.
The Frisco rental complex will be of the same quality that developers are building in Uptown and other popular central Dallas neighborhoods, he said.
“Everybody talks about the generation that wants the urban lifestyle in Uptown,” Ablon said. “But there is a large number of the same folks that want the same things but are more suburban.”
PegasusAblon has already built one successful Frisco apartment project.
In 2012, the Dallas-based developer and El Paso-based builder Hunt Cos. built the 252-unit Ablon at Frisco Bridges apartments at the tollway and Warren Parkway. That project was sold to Colonial Properties.
PegasusAblon and Behringer’s apartment project is the second major development announced in Frisco Square this summer.
In June, Plano-based Gearbox Software said it is moving to an office building to be developed in Frisco Square by Encore Office LLC and Wolverine Interests.
The 166,000-square-foot building will be on Main Street when it opens next year.
The project will also include a five-story parking garage, retail and fitness facilities.
The 147-acre Frisco Square was planned in the late 1990s to contain up to 4.4 million square feet of office, retail, multifamily and municipal buildings.
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