Plano’s first high-rise apartment tower has opened its doors and is already more than 40 percent leased.
The 25-story Kincaid at Legacy is on the Dallas North Tollway in Plano’s Legacy Town Center. Developed by Trammell Crow Co.’s High Street Residential division, the 300-unit rental tower is the first of three new residential high-rises being built in the business park.
“We have finished construction in just under two years,” High Street principal Joel Behrens said. “We have been pleasantly surprised with the strong lease-up and demand.”
Rents start at $1,500 for the smallest unit, and the average apartment in the Kincaid goes for $2,900 a month. Units range in size from 677 square feet to more than 4,500 square feet.
“We have one unit that’s two stories and 4,600 square feet and leased already,” Behrens said. “It has over 2,000 square feet of balcony space facing south.”
Behrens said the building is attracting a relatively mature group of residents.
“We are getting a lot of empty nesters — folks who already live in the area who are selling houses,” he said. “They love the walkability of Legacy Town Center and Legacy West. It’s people who haven’t rented in years or ever, and they are trying it out.”
The Kincaid has a 2,383-square-foot fitness center, a resident lounge with a media screening room, a billiard room, an entertainment kitchen, conference rooms, a business center and bike storage. There are two swimming pools and a seventh-floor “amenity deck” that has a dog park and lounge areas with views of the surrounding retail district.
“We have up to 48 private garages inside the parking garage,” Behrens said. “We’ve been surprised by the demand for those.”
High Street Residential built the Plano high-rise in partnership with Principal Real Estate Investors. The GFF architecture firm and Waldrop + Nichols Studio designed the building.
Two more residential high-rises are under construction nearby in the Legacy West complex.
The 29-story, 328-unit LVL 29 apartment tower will open next year on the west side of the tollway. And the 27-story Windrose condominium tower will open in late 2019.
Two additional apartment towers are being built just up the road in Frisco.
By being the first to hit the market, the developers of High Street’s Kincaid hope to have the tower substantially leased by the time the other buildings are completed.
“It’s always better to be early than late,” Behrens said. “We are happy to be ahead of everyone.”
High Street opened two other luxury high-rise residential buildings in the Dallas area this year.
The developer has leased about 60 percent of its 32-story Residences at Park District tower, which has 255 units overlooking Klyde Warren Park in Uptown Dallas. And it has leased more than 80 percent of its M-Line apartment project on McKinney Avenue, which has 271 apartments in a 20-story tower with retail space.