Rosewood Property Breaks Ground on New Mixed-Use Project in Plano

In a matter of years, a vacant tract in Plano located between Alma and Custer roads will become a thriving community if everything goes as planned for Dallas-based Rosewood Property Co.

By Liviu Oltean, Associate Editor

Heritage Creek

In a matter of years, a vacant tract between Alma and Custer roads in Plano will become a thriving community, if everything goes as planned for Dallas-based Rosewood Property Co.

The firm recently broke ground on Heritage Creek, a 156-acre, mixed-use development that, according to the Dallas Business Journal, will consist at full build-out of 1,300 apartments; several hundred townhomes and single-family homes; 50,000 square feet of retail and restaurant space; a 15-story hotel; and 2.3 million square feet of office space.

Rosewood Property has started work on Phase I of the project, which includes the development of 327 apartments, 100 single-family homes and three restaurant sites. The first phase has been slated for completion in summer 2016, according to the same source.

In addition, the firm made news last month when it acquired the Wildwood Creek apartments in Grapevine. The company purchased the 344-unit community for an undisclosed amount in joint venture with Grand Peaks Properties. The apartment community spans 30 acres of land and features one-, two- and three-bedroom apartments.

“Wildwood Creek’s central location near the Grapevine Main Street development and adjacent to the Gaylord Texan offers tenants immediate access to the surrounding area’s amenities. In addition, the area is experiencing a substantial influx of investments in this community and neighboring Southlake and Flower Mound that will add further value to the project,” said Bill Flaherty, president of Rosewood Property Co., at the time of the acquisition.

Rendering courtesy of Rosewood via official website