With such an influx of residents, the residential parts of the development will help to ease the pressure on the low inventory of homes we’re seeing in the area.
Dallas, TX (PRWEB) June 11, 2014
In response to the impending influx of residents as Toyota shifts its headquarters from California, Plano developers are scrambling to build attractions and residences that will keep its new residents happy and its economy thriving. Prudential Texas Properties reports that developers are finalizing plans to build a new mixed-use, urban village that will add to the already vibrant environment of the growing community of Plano.
Developers Karahan Cos., Columbus Realty and KDC have been working on plans for the first phase of the urban village, which will be located on the west side of Dallas North Tollway, near the Toyota headquarters site. They hope to break ground after the first of the year.
In its first phase, the development is anticipated to have ground-level retail space fronting on public plaza areas with apartments on the floors above. Other parts of the development will be reserved for office space, homes and entertainment venues. Later phases of the plans include provisions for a high-rise Renaissance Hotel to debut in early 2017.
“This is very exciting for Plano,” says DD Flynn, VP of Marketing for Prudential Texas Properties. “With such an influx of residents, the residential parts of the development will help to ease the pressure on the low inventory of homes we’re seeing in the area. Plus it’ll be a great new attraction for existing and future Plano home owners.”
According to Altos Research, a California-based real estate analytics company, inventory in Plano is rising however the current value of 498 properties on the market will not be able to sustain the thousands of workers who will begin migrating to the area this summer. Developers are working hard to meet this demand, but housing in Plano and surrounding cities is expected to be a little tight.
“Plano is a wonderful place to live,” Flynn continues. “The Toyota workers are going to love it here, and developments such as this are exactly why.”
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