Builders are moving ahead with plans for the first phase of a $2.5 billion Frisco development.
Called the Railhead, 80-acre project is being built on one of the largest vacant tracts on that stretch of the Dallas North Tollway, just north of Frisco’s Main Street.
The Railhead project includes more than 1.5 million square feet of office, hotel and high-rise residential buildings. Irving-based apartment builder JPI is planning to start construction next year on the first of 1,280 rental units.
JPI just purchased 20 acres at The Railhead to build the first of its planned apartments. The builder is planning 875 apartments on the west side of the property.
“With the rapid and sustained population growth in Frisco, now is an exciting and essential time for development,” JPI senior vice president Miller Sylvan said in a statement. “Dallas-Fort Worth is faced with an impending need for key housing and infrastructure developments to support the large number of jobs being created across the Metroplex.”
The builder’s apartments will face a new, nearly 5-acre park that’s the centerpiece of The Railhead. The rental community will include two resort-style pools and a fitness center.
“We anticipate infrastructure work starting at the end of first quarter 2022 and will break ground on phase one of the multifamily in late summer of 2022,” JPI’s Erin Allen said in an email.
JPI signed up to purchase the Frisco property from Railhead developer Heady Investments while the project was still in the works.
“From the day we closed on the land, we have had a flood of multifamily developers approach us — the volume of offers and demand we have seen has been seemingly unprecedented,” said Sayres Heady, partner at Heady Investments. “With that being said, we knew from the beginning that JPI would be our preferred partner on this deal.”
JPI is North Texas’ busiest apartment developer, with more than 5,000 apartment homes under construction.