A new luxury multifamily rental community broke ground near Frisco Square.
Toll Brothers Apartment Living (TBAL), the rental division of Toll Brothers, along with joint venture partner Pondmoon Capital USA, a New York-based investment management firm, broke ground on a new 330,000-square-foot five-story rental community on Wednesday called Mirra.
Mirra will feature 285 luxury rental units and top-end amenities such as a resident clubroom, fitness center, co-working area, resort-style pool with a sundeck and cabanas, and much more.
“We are lucky to be able to execute this project in Frisco Square,” TBAL President John McCullough told The Dallas Express following the groundbreaking ceremony. “Frisco is a major differentiator in terms of the city’s growth, sustainability, livability, and low crime rate – so it’s our mission to build the most beautiful and exciting community in this neighborhood,” he said.
Floor plans at Mirra include studios as well as one- and two-bedroom units, with sizes ranging from 600 square feet to more than 1,300 square feet, McCullough told The Dallas Express. The rental community will also feature parking for 435 vehicles and include a structured parking garage with electric vehicle charging stations.
“Mirra will offer residents thoughtfully designed apartments that exude the best in luxury living, with the region’s best shopping and dining just steps away at Frisco Square,” McCullough said in a press release.
Mirra is located at 8320 Church Street and is TBAL’s third multifamily project to break ground in Frisco’s North Platinum Corridor. The developer’s first two projects in Frisco’s town center include the Kilby: a four-story 258-unit luxury apartment complex, and the Remy, a five-story 357-unit rental project, which is scheduled to open early next year.
The allure of developing multifamily projects in Frisco Square is driven by the area’s walkability, pedestrian scale, and many conveniences, according to Tommy Rhodus, TBAL’s Regional Director of Acquisitions and Development.
“Most of the employment centers in Frisco are farther south, but we think a lot of the growth in Frisco is moving North,” Rhodus told The Dallas Express.
“When people go to work, they are likely to go down to Southern Frisco or Plano, but what they want is to come back here and relax in a place that’s a little quieter and doesn’t have the large boulevards and freeways that defined other parts of the city,” Rhodus said.
“In general, Frisco is just a very convenient place to live. You are able to walk your dog, play with your kids in pocket parks throughout Frisco Square, and on top of that, all conveniences are within walkable distances,” he explained.
Addison-based HEDK Architects was the lead design firm for each of TBAL’s multifamily projects in Frisco. Mirra received $49.5 million in financing through a construction loan facility from Santander Bank N.A.
During the groundbreaking ceremony, Patrick Chen, CEO of Pondmoon, voiced great excitement about the ongoing partnership with TBAL and the opportunity to develop another luxury multifamily project in Frisco Square.
“It’s sheer joy to commence yet another great development with Toll Brothers, he said in the press release.
“The growth of our multifamily portfolio in the Sunbelt markets, such as Frisco, is based on our firm belief in the economic and population growth of the region,” Chen said. “The recent announcement of the upcoming Universal Studios to the north of Mirra is another example of Frisco’s growth momentum,” and “we have every confidence that Mirra will be a rewarding success.”
This positive sentiment about developing in Frisco was shared by McCullough and Rhodus, who both highlighted the development team’s collaborative effort in getting the project together and off the ground.
“We get real joy from watching how our teams carry out projects from start to finish – from moving dirt to the finished development, and while we know our process can be frustrating, it gets us to the best end products and has helped us build the best residential brand for the past 55 years,” McCullough told The Dallas Express.