After Team Legacy (The Karahan Cos., KDC, and Columbus Realty Partners) was selected by J.C. Penney executives to develop the 240 acres of prime real estate surrounding its corporate headquarters in Plano, the group got together to craft a master plan. The partners knew they wanted to create a timeless, upscale live-work-play-style environment, says Fehmi Karahan, president and CEO of The Karahan Cos. What they could not have anticipated, though, was the velocity of demand.
Not long after the development opportunity was announced, Toyota Motor North America and FedEx Office signed on for major headquarters campuses within Legacy West. The timeline for multifamily space was accelerated to help accommodate employees.
“We knew that corporations now look at relocating their campuses in environments that have that mixed usage,” Karahan says. “That is what everybody wants. It has been done extremely well on the east side of the highway at Legacy Town Center. This will be a very natural extension of what we did on the east.”
Columbus Realty is handling development of Legacy West’s multifamily component. The first phase calls for 621 units totaling 495,000 square feet in two buildings. The apartments will be LEED Silver rated and offer a host of amenities, including three pools, a fitness center, a wellness studio, a dog park and washing station, a rooftop lounge with outdoor fireplaces, a bike repair shop, garage parking, and an electric carcharging station. The apartments willrange from 325-square-foot “micro” studios to 1,250-square-foot residences, with rents averaging about $1,275. Interior perks will include quartz countertops, stainless steel appliances, and wood plank flooring. They’ll be ready for occupancy starting in the summer of 2016.
The project is one of a number of multifamily developments underway in the region. Stephanie McCleskey, vice president of research at Axiometrics Inc., expects the Plano-AllenMcKinney submarket to deliver 1,500 multifamily units in 2015—accounting for more than 9 percent of the total Dallas-Fort Worth metropolitan statistical area. This compares with the 1,000 or so multifamily units that were delivered in the submarket in 2014. Still, demand is expected to be brisk, especially with the corporate headquarters projects underway. ”I think the demand is going to be more than what is being built currently,” McCleskey says.
SINGLE FAMILY ADDED TO THE MIX
Along with multifamily space, Legacy West will include single-family residences, too. About 12 acres of land has been rezoned for “urban-style detached homes,” says Fehmi Karahan of The Karahan Cos. In March, Plano city planners gave the go ahead for a high-density enclave near the development’s “urban village.” Nearly 120 homes will be built on the site, which sits at Headquarters and Communications drives. The two- and three-story residences will range in size between 2,000 and 3,500 square feet.
Team Legacy chose Scott Felder Homes as the builder. “Scott Felder Homes has a great reputation in Austin and San Antonio, and was recently purchased by a Dallas group led by Bobby Ray, who is one of the most respected home-building executives in the country,” Karahan says.