655-Unit plan for $130M phase Centre at Preston Ridge

10/18/2007 - (Frisco) - With work underway on two hotels, ground will break in November on the residential component of the $130 million second phase of the Centre at Preston Ridge. In 2009, 80,000 square feet of restaurant and retail space will deliver with the 655-unit mid-rise multifamily complex. The two-building apartment complex will be 70 percent one-bedroom units, ranging from 500 square feet to 950 square feet. The remaining units will be two-bedroom designs from 1,050 square feet to 1,275 square feet and lofts that average 1,200 square feet. The average rent will be $975 per month. The first phase of the Centre at Preston Ridge, completed in 2000, was a 904,450-square-foot development. The Centre at Preston Ridge's 30-acre second phase got underway earlier this year with a 117-room Hilton Homewood Suites. The hotel will deliver at year's end. Westwood Residential Co. development site is across the road from Frisco Sierra, a 36-acre multifamily project that got underway this week. The Frisco Sierra developers will be rolling out 300 units of their 600-unit plan soon. And Dallas-based Hicks Sports Group has 37 acres banked for 1,000 residential units, office and retail to surround $114 million Frisco's entertainment and sports complex.

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