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30-story Apartment Tower Lands in Plano’s Legacy West Project

10/21/2015

Plano’s booming Legacy West development is already the largest construction project in North Texas. And now plans for a 30-story apartment tower will give the $2 billion project the tallest high-rise in fast-growing Collin County.

Dallas-based developer Palladium USA International will build the 312-apartment tower next door to Liberty Mutual Insurance’s new Plano office campus. The oval-shaped tower will be just east of Toyota Motor’s new North American headquarters. Palladium USA is buying more than two acres just south of State Highway 121 for the residential tower.

The builders say they plan an “iconic statement to be made with this development, not only in terms of height, which at the moment is penciling out at almost 360 feet, but also in the quality, which will be at the top of the market,” said Tom Huth, president and CEO of Palladium USA. “We are providing a product for a segment of the population that wants a high end luxury urban lifestyle. “We pushed the architects hard on this and they delivered.”

The metal and glass tower includes a parking garage and townhouses on the lower levels. The project was designed by Dallas architect Humphreys & Partners. Apartments in the tower will start at around 600 square feet and go up in size to 6,000-square-foot penthouse. A ninth-floor outdoor deck will include a swimming pool and courtyard area with kitchens, spa and seating areas. Inside the tower, developers plan to include a long list of luxury features including a fitness center and spa, a 3,800-square-foot bar and lounge, two conference rooms, a private poker room and a catering kitchen. The developers plan to start the tower next summer and it will take more than 24 months to build.

Palladium USA’s high-rise is in a development that is attracting more than 10,000 new office workers for companies including Toyota, Liberty Mutual and FedEx Office. Liberty Mutual broke ground this week on its $325 million, almost 1 million-square-foot Plano office tower complex. “The metrics with what they are doing in Legacy West is unsurpassed,” Huth said. “Their expectations are extraordinarily high and they are very demanding – it has to be the best.” Huth said professionals coming with Toyota and Boston-based Liberty Mutual will be drawn to the project. “Toyota is used to this type of living in southern California – high density, high-rise living,” he said. “The same can be said for Liberty Mutual and FedEx.”

The apartment tower site is next door to where construction is set to begin in early 2016 on a condominium tower with 150 homes. Both residential towers are within walking distance of the Legacy West Urban Village, which is under construction with shops, restaurants, apartments and more office space. “We can’t believe how fast this is all happening,” said developer Fehmi Karahan, who heads the partnership that kicked off the 255-acre Legacy West project less than two years ago “It’s incredible what has happened in such a short period of time. “This is a massive development that is happening all at once.”

Karahan at the start of 2014 partnered with developers Columbus Realty, KDC and J.C. Penney to put together the Legacy West project on vacant land surrounding the retailer’s headquarters. Just months later, Toyota announced it was moving its 5,000-employee headquarters from California. Apartment tower developer Palladium USA has already built two high-rise residential buildings in North Texas – one in Far North Dallas and another in Las Colinas. The company is the American division of Italy-based Palladium Group, which has offices in Milan, Paris, London, Brussels, The Hague, Berlin and Lugano, Switzerland.

Article: http://www.dallasnews.com/business/commercial-real-estate/headlines/20151001-30-story-apartment-tower-lands-in-planos-legacy-west-project.ece


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