A well-known Texas apartment builder has decided to build complexes in a Frisco community called The Gate.
The Gate is a “master-planned development” under construction near the Dallas North Tollway. The 49-acre $1 billion community will include office, residential, and retail space, per The Dallas Morning News. It is a development of Dubai-based Invest Group Overseas that initially began in 2014 as part of Frisco’s “$5 billion mile” plan.
More than 2.3 million square feet of construction have already been planned for The Gate, the DMN reported.
Documents filed with the Texas Department of Licensing and Regulation show the Magnolia Property Co. plans on adding a $19 million multifamily development to The Gate, according to a report from The Real Deal. The company has built mid-sized apartments across the metroplex in both Dallas and Fort Worth and owns nearly 40 properties throughout Texas.
The complex will be called Magnolia at the Gate and is expected to be located on 3 acres at John Hickman Parkway and Dubai Way, per The Real Deal. Ground-floor office space will also be available in the complex, with the apartments on the upper floors.
The Real Deal reported that the number of apartments within the 110,000-square-foot complex is unknown, but a parking structure will be located on the property.
Dallas’ Wilder Architects has been tasked with designing the complex. Construction will begin sometime in September and is expected to be completed in 2025, per DMN.
While developments in Frisco and other metroplex communities continue to crop up, construction projects in Dallas are often hindered by the City’s slow permitting process.
Dallas developer Tim Barton owns much of the land at The Gate but was recently forced to sell some of it to Petra Development amid an upcoming court case, as reported by The Dallas Express. Nearly 5 acres of land were sold for $9 million, and the sale was expected to bring in around $3 million in net proceeds.
Barton is charged with defrauding Chinese investors out of $26 million after he allegedly failed to purchase and deliver land they had paid him for. Barton pleaded not guilty to nine felony charges and could receive up to 60 years in prison if convicted.
The trial is set to begin sometime in 2023.
