Construction has started on a new $100 million luxury condominium development in Frisco’s exclusive Stonebriar neighborhood, which sits near the city’s much-marketed ‘$5 Billion Mile.’
The 121-home, single-story flats, called The Corvalla, is being built by Dallas-based Robert Elliott Custom Homes and Canada-based Western Securities Limited within 100 yards of The Westin Stonebriar Hotel & Golf Club.
This will be the first condominium project of its kind developed in Frisco, and will cater to the empty nester or young professional wanting a high-end, lock-and-leave community with minimal upkeep, Developer Robert Elliott told the Dallas Business Journal.
“This will be a community for people who are in homes that are aging and want the upgraded lifestyle,” said Elliott, adding the condo homes would be similar to his project in Highland Park.
Before Elliott conceived of The Corvalla, Western Securities had planned on building a high-rise tower. But the Dallas developer was able to dissuade the land ownership from tall towers into a low-rise community.
The three-story development will have single-story flats on each floor for a homebuyer. The one-level of living seems to sell well, Elliott said.
“The buyers of our product don’t go to a high-rise product,” he said. “We have a much more spacious, single-family feel to the homes.”
The home will be priced from the $700,000s to the $1.2 million range, with the average cost at about $900,000.
The condos will range from 1,700 square feet to 3,000 square feet. Each residence will have high-end finishes with Wolf and Sub-Zero appliances in the kitchens.
The community, which sits near the Stonebriar Hotel & Golf Club, will have outdoor courtyards with fire pits, bocce ball courts, and a resort-style pool with cabanas.
Mayor Jeff Cheney said residential projects like The Corvalla are important to the fast-growing North Texas city.
“We don’t have a lot of for-sale condo projects in our city and this will fill a great need from our residents,” Cheney told the DBJ.”I’m excited about this project because of the level of amenities it has and the reputation of the developer.”
Cheney, who has been Frisco’s mayor since May, said he’s noticed a shift happening in Frisco’s real estate needs.
“A lot of people aren’t wanting the large homes anymore, but they do want the luxury amenities without the maintenance,” he said. “The projects will be a big part of the strategy to have suitable housing for executives.”
That executive housing could help win a big corporate user to Frisco, he said. Cheney added Frisco Station, The Gate and Wade Park are all marketing corporate campus sites to would-be tenants.
Next month, the Robert Elliott-led development partnership plans to celebrate the groundbreaking of The Corvalla with a new marketing and sales center at The Westin Stonebriar Hotel & Golf Club in Frisco.
The Corvalla is slated to open to residents in late fall 2018.