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Construction begins on luxury apartment complex
The Emerson will feature 410 units when its first phase is complete, and about 70 percent of those units will be single-bedroom apartments. After those units are leased, an additional 340 units will be constructed. Illustration courtesy of Silver Oak Multifamily Capital.
By Anthony Tosie, atosie@starlocalnews.com
Frisco's located in a prime location for real estate development, and one of the more notable developments in the city has now started construction on a major apartment complex.
On Tuesday, Dallas-based real estate investment company Silver Oak Multifamily Capital announced it began construction on the first phase of The Emerson, a luxury apartment complex located within the master-planned Frisco Market Center development.
The development is located on the northwest corner of Main Street and the Dallas North Tollway, placing it in one of the most attractive areas of the city for real estate.
When the first phase is complete, the complex will consist of 410 apartment units. About 70 percent of those units will be single-bedroom apartments, while the remaining 30 percent will be two-bedroom units. After those units are leased, construction will begin on a second phase of 340 additional units.
Tim Gottsacker, managing partner at Silver Oak, said residents of the apartment complex will be able to take advantage of a rapidly growing area that will include new retail development.
"Frisco Market Center is an 80-acre planned development that will have a combination of retail, office and multifamily structures," he said. "What's exciting is there's not much retail -- as in new shopping centers -- being built anywhere throughout North Texas, but on this site there are two shopping centers currently under construction. I am extremely excited about this development."
In addition to the four-story apartment building, The Emerson will include a five-story parking garage featuring 691 parking spaces. The apartment complex will wrap around the parking garage to allow residents direct access to their apartments.
Other features of the complex include two landscaped courtyards, a resort-style pool, outdoor fireplaces and a gourmet pavilion dining area.
Gottsacker said the apartments are primarily aimed at a young demographic, such as singles and young couples working in the area, but noted subsequent phases could expand on that demographic.
"We have a general footprint of the second phase, but we'll wait and see what the first phase does and compliment it with different floor plans," he explained.
Gottsacker noted that leasing will likely begin next spring and summer, and the first phase would likely be complete next fall.
Besides the amenities offered at the complex itself, Frisco Market Center will provide residents with quick access to major retail businesses and restaurants such as Mooyah Burger and Freebirds World Burrito, which have signed on as tenants in the development.
Gottsacker said apartment complexes should be developed in one of two locations: areas where there is a strong current demand or areas where demand is predicted to be strong in the future.
Frisco, however, fits both those criteria, he said, citing apartment occupancy data from MPF Research that shows an occupancy rate of 95.3 percent in the city, one of the highest rates in the region.
"With the population growth in Frisco, this was a very attractive project," he said. "The intersection of S.H. 121 and the Dallas North Tollway is probably one of the most dynamic in all of DFW, and [The Emerson] will be right by it. I think residents will really enjoy all Frisco has to offer, such as the high-quality infrastructure and abundant retail."
For more information about the master-planned Frisco Market Center development, click here. To view a site plan for the development, click here.
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