Rosewood Property Company has started construction on a new multifamily development at the Heritage Creekside mixed-use development with MetLife Investment Management as a partner. The new development in Plano, Texas, is slated for completion in 2024.
Located at 601 Belpree Drive, the modern community will consist of 326 apartment homes on four floors, with the property spanning 4.29 acres. The apartment homes will feature designer finishes with high-end appliances and fixtures. Common areas will include a highly amenitized club room, a co-working and makers space, top-of-the-line fitness center, golf simulator, a luxury pool area and multiple activated courtyards. Residents will also enjoy easy access to a restored creek bed of Pittman Creek and other existing creeks and tributaries, intertwining nature with the community.
“We are ecstatic to be breaking ground on our next phase at Heritage Creekside, which moves us one step closer to setting a new standard of living for the area,” said Tim Harris, Vice President of Rosewood Property Company. “This new development has been designed from the beginning to cultivate community among the residents, as well as the surrounding neighborhoods. We have worked extensively over the years with the city and nearby residents to put together a great community that benefits the entire Plano community.”
Apartment homes are planned to be available for lease in Fall 2023 with move-ins starting later in the year. The community is expected to be fully completed by 2024.
“We are very pleased to begin our partnership with Rosewood through the development of Heritage Creekside,” said Adam Ruggiero, managing director and portfolio manager at MetLife Investment Management (MIM). “The project fits well with our build-to-core strategy, which is an integral part of our approach to core and core-plus investing. We are also strong believers in the future of Plano and the Metroplex as a whole, and we welcome the opportunity to increase our presence there.”
Rosewood has developed and owns Heritage Creekside, a 156-acre mixed-use development near the intersection of Central Expressway and President George Bush Turnpike. The development includes restaurants such as Flying Fish, Rodeo Goat and the soon-to-open Taco Joint, as well as Orangetheory Fitness. To complete the live-work-play aspect, this multifamily community will join single-family homes, townhomes and additional apartment communities.
The design team included Hensley, Lamkin, Rachel Inc. as architect, LandDesign as landscape design, B2 Architecture + Design as interior designer, and KFM as civil engineer. Provident General Contractors serves as the contractor, with Veritex Bank providing the construction loan.
Rosewood Property Company has a long history of multifamily development and investment in the DFW area, including the Creekside Townhomes in Richardson, the Republic House at Frisco Bridges in Frisco and Wildwood Creek in Grapevine. Additionally, Rosewood has multifamily experience in other areas of Texas, including Tobin Estates Phases I and II in San Antonio, and Aura Avery Ranch, a 339-unit multifamily community located in Austin, Texas.