As housing prices continue to spiral upwards throughout Texas, the city of Frisco is aiming to increase supply, both of single-family homes and multifamily rentals.
North Carolina-based design consultant Kimley-Horn recently received approval from the Frisco City Council for its plan for The Grove Frisco North, which will include three developments built across 328 acres at the northwest corner of Custer Road and Main Street, the Community Impacts Newspaper reports.
The development will have a mix of single-family homes and multifamily buildings, according to city documents, plus retail space and two 4-acre parks.
Read more
Residential
Texas
Invitation Homes to launch $750M venture in North Texas single family rental market
Commercial
Texas
High-rise development planned for Frisco
The city of Frisco has throttled back on homebuilding permits over the past couple of years, with 2021’s total shrinking 43 percent from 2020. And the trend continued into 2022, with permit issuance through February dropping 53 percent versus the first two months of 2021.
As recently as last month, the city blocked a proposal to build 61 new townhomes.
But the council’s approval of The Grove Frisco North project — which plans to include a larger number of single family homes in addition to the 425-unit apartment complex — perhaps signals a change of heart.
The single-family area of the development will be situated by Independence Parkway on the west and Havenwood Lane on the north, and the multifamily community will consist of up to 425 apartments and retail stores.
Originally proposed five years ago, but rejected by the city as too dense, Kimley-Horn’s design has evolved in the interim.
“Most developments, they want to take ideally six months — the long ones 12 months,” said City Commissioner Jon Kendall. He commended representatives from Kimley-Horn for addressing the city’s notes in its updated development, which has been pending since 2017 and that he had previously opposed.
“The fact that we’re sitting here five years later, I hope that [shows] the city how much [Kimley-Horn is] pushing,” he said.
[Community Impact Newspaper] — James Bell