Toll Brothers can’t build ’em fast enough in North Texas.
The Pennsylvania-based firm and its development partner Pondmoon Capital USA will soon add 285 apartments to the Frisco Square development, in addition to the bevy of projects the firm has announced in Dallas-Fort Worth.
The project, called Mirra, is being financed with a $49.5 million loan from Santander Bank, the Dallas Morning News reported. That works out to almost $174,000 per unit. Construction is set to start in February at the corner of Oglethorpe and Church streets on the south end of Frisco Square.
Amenities will include a fitness center, pool, a clubroom and an indoor/outdoor lounge area.
Toll Brothers and Pondmoon also built the 379-unit Ferro apartments in Plano.
Company founder Robert Toll helped transform the regional home builder into a national development firm, founded in 1967. He died last year after a battle with Parkinson’s disease.
Toll Brothers is fully focused on the DFW area after striking a $1.9 billion joint venture with Equity Residential to build more than 1,000 apartments throughout the metroplex. Those projects include a 357-unit community at Frisco Square, 334 units in Dallas and a 362-apartment project in Fort Worth.
Frisco Square is a master planned development that includes 4.4 million square feet of office, retail, multifamily and municipal facilities on 147 acres at the intersection of the Dallas North Tollway and Main Street. Following months of planning and negotiations with the City of Frisco, Universal Parks and Resorts announced plans this month to bring a theme park to the $10 billion Fields development in the city.
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— Erick Pirayesh