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Frisco’s $5 billion mile is getting another development – this time a new apartment project.
Irving-based apartment builder JPI has broken ground on a 425-unit rental community in the 40-acre Gate development on the Dallas North Tollway.
The $700 million Gate project is a mixed-use development planned for housing, retail space, hotels and office buildings. It’s owned by Dubai-based Investment Group Oversees, which is developing the property and selling sides to builders.
JPI’s new Jefferson at the Gate apartments will be at the northwest corner of the tollway and John Hickman Parkway.
It’s being built in partnership with Plano-based MORE Residential.
"With the rapid and sustained population growth in Frisco, now is an exciting and essential time for development," Matt Brendel, senior vice president and development partner at JPI, said in a statement "To support the large amount of jobs being created in the Dallas-Fort Worth Metroplex, there is an impending need for key housing and infrastructure developments as well.
"We are excited to deliver this unique, conveniently located community to the residents of Frisco, both established and new."
The Jefferson at The Gate apartments is just north of the Frisco Station and the Dallas Cowboy’s Star developments on the west side of the tollway.
JPI’s project will include two resort style pools, fitness center and top floor residents’ center.
The project will start opening late next year.
MORE Residential – JPI’s partner in the Frisco development – is a recently formed real estate company that invests in apartment properties.
"This reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors," Mark Alfieri, chief executive officer at MORE Residential, said.
JPI is one of the country’s largest apartment builders and currently has more than 4,600 apartments under construction in North Texas.