Development: Work set to begin on Heritage Creekside

Rosewood Property Company will soon break ground on a four-story, 326-unit multifamily project in the Heritage Creekside development in southern Plano. Around the same time, work will also begin on 32 townhomes in the same vicinity.

These two projects will be the first on Heritage Creekside’s west side. The entire 156-acre development, which is only half-built, spans an area south of Plano Parkway and north of the President George Bush Turnpike between Custer Road and Alma Drive.

Planning for the massive project began in 2014. Developers worked with Plano leaders to enact the city’s first “urban mixed-use” zoning designation. It was intended to create a more pedestrian-friendly environment that promotes social interaction and efficient use of land and resources.

Since groundbreaking on the first phase in 2016, Rosewood has overseen the construction of 636 apartment homes as well as 200 townhomes and 59 single-family tracts. They have also built more than 23,578 square feet of retail and restaurant space, including popular neighborhood spots like Rodeo Goat and Flying Fish.

“Our retail partners made it through the pandemic and are performing well,” Rosewood Vice President Tim Harris says. “Our tenant base is strong, and the businesses are thriving despite the challenges.”

The booming real estate market has allowed Rosewood to execute its master plan more aggressively, Harris says. However, that plan is also evolving.

The development company worked with city officials to adjust some zoning on the undeveloped west side. The amount of planned office space was reduced to accommodate more housing. Harris says this was done in response to current market conditions and to create a more desirable retail center.

Rosewood is now looking to find the best fit to fill the proposed 75,000 square feet of retail and restaurant space. Commercial blocks are being marketed for development. What businesses come and when they will arrive is still to be determined.

Current plans now call for 664 multifamily units throughout the development. Work on the second multifamily project is expected to begin next year.

The scaled-back office plans include 1.5 million square feet of mid-rise office space. There are also expected to be two hotels with up to 200 rooms each as well as an additional 36 townhomes.

According to Harris, the biggest challenges developers now face now are variable construction costs and supply chain kinks. To address this, he says Rosewood is implementing more flexibility in agreements and working closely with consultants, contractors and partners, to better solve issues together. The target build-out date for the entire Heritage Creekside developments is 2027.

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