Magnolia bringing apartments to Frisco

As commercial and multifamily building slows, Dallas developers continue to look toward Frisco. 

Mid-sized apartment development firm Magnolia Property Company plans to add a $19 million multifamily development with ground floor flex office at the Gate in Frisco, according to a Texas Department of Licensing and Regulation filing. 

The project, titled Magnolia at the Gate, will be located on 3 acres at John Hickman Parkway and Dubai Way on the south end of the $1 billion development. Construction is set to start in September and last until summer 2025. 

The number of apartment units planned at the 110,000 square foot development were not revealed. Amenities have also not been announced, but the project will include a parking structure. 

Magnolia Property did not immediately respond to a request for comment. The firm opened in 2011 and focuses on mid-sized, high-end multifamily projects. It owns nearly 40 properties across Dallas-Fort Worth, Houston and Austin.

The Gate is a 41-acre mixed-use development off the Dallas North Tollway that first began in 2014 and is being spearheaded by Invest Group Overseas, a Dubai-based development firm.
Construction at the Gate was originally scheduled for completion in 2019 but is still ongoing.

Some of the development has been under scrutiny as Dallas developer Tim Barton scrambled to sell $9 million worth of land at the Gate to Petra Development before his impending bankruptcy case. Barton faces criminal charges, as well as civil charges from the U.S. Securities and Exchange Commission, for allegedly scamming 100 Chinese investors out of $26 million by promising to buy land for them but accepting the money without ever buying anything.

Frisco continues to be the hottest DFW suburban market for development, with massive mixed-use projects in the pipeline. 

Stillwater Capital is developing the Link, a $1 billion project to connect to the PGA Headquarters and recently opened Omni Resort. Streetlights Residential is developing the $3 billion the Mix project in Frisco’s North Platinum Corridor. Additionally, Hunt Realty and Karahan Companies are moving ahead on the $10 billion, 2,500-acre Fields development that will include hundreds of homes, businesses and a Universal Theme Park. 

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