As commercial and multifamily construction slows, Dallas developers continue to set their sights on Frisco.
Midsize apartment developer Magnolia Property Company plans to develop a $19 million multifamily development in Frisco’s Gate with ground-floor flexible offices, according to filings with the Texas Department of Licensing and Regulation.
Called “Magnolia at the Gate,” the three-acre site is located at the southern end of the $1 billion development at the southern end of John Hickman Parkway and Dubai Way. Construction will begin in September and continue until summer 2025.
The number of condominium units planned for the 110,000-square-foot development was not disclosed. Amenities have yet to be announced, but the project will include a car park.
Magnolia Property did not immediately respond to a request for comment. The company opened in 2011 and focuses on mid-sized and high-end multi-family residential projects. The company owns nearly 40 properties in Dallas-Fort Worth, Houston and Austin.
The Gate, a 41-acre mixed-use development off the Dallas North Turnpike, first launched in 2014, led by Dubai-based development firm Invest Group Overseas.
Construction of the gate was originally scheduled to be completed in 2019, but is still ongoing.
Several developments are under scrutiny as Dallas developer Tim Barton scrambles to sell $9 million worth of land at the Gate to Petra Development ahead of a looming bankruptcy filing. Barton faces criminal and civil charges from the SEC for defrauding him of $26 million by promising to buy land for 100 Chinese investors but accepting the money without buying anything.
Frisco remains DFW’s hottest market for suburban development, with a slew of mixed-use projects in the pipeline.
Stillwater Capital is developing The Link, a $1 billion project to connect the PGA headquarters to the recently opened Omni Resort. Streetlights Residential is developing the $3 billion Mix project in Frisco’s North Platinum Corridor. Additionally, Hunt Realty and Karahan Companies are advancing the $10 billion, 2,500-acre Fields development, which will include hundreds of homes, businesses and a Universal theme park.
