Palladium USA International To Build 30-Story Luxury High-Rise In Plano's Legacy West

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Oct 05, 2015, 10:21 ET

DALLAS, Oct. 5, 2015 /PRNewswire/ -- Capitalizing on the tremendous growth in the North Texas region, Palladium USA International has contracted to purchase 2.1 acres of land in the prestigious Legacy West development in Plano, Texas, to build a 30-story, luxury high-rise. The tower will feature 312 high-end rental homes and will be located at the southwest corner of the future Columbus Avenue and Windrose Avenue, just to the north of the existing Headquarters Drive, and adjacent to the Liberty Mutual Insurance complex under construction.

Rendering of new 30-story luxury high-rise in Legacy West development in Plano, Texas.

Palladium USA has worked closely with the Legacy West master developer, Fehmi Karahan, in the architectural design of the residential high-rise, according to Tom Huth, president and CEO of Palladium USA. "Fehmi was very particular not only in selecting Palladium to be the high-rise residential developer, but also in guiding the architectural look and feel of the development. He wanted an iconic statement to be made with this development, not only in terms of height – which is penciling out at almost 360 feet – but also in the quality, which will be unparalleled," said Huth.

"We were not looking merely to sell land; we were looking to find the right developer to build a first-class, luxury, high-rise residential product that will enhance and support our other projects, such as Toyota, FedEx, Liberty Mutual, and the retail/office/residential mixed-use Legacy West urban center. It will be a perfect complement to Windrose Luxury Condo Tower," said Karahan.

The sheer volume of this development, which will be the tallest building in Collin County, Texas, is impressive: The eight-level structured parking garage will sit under the residential tower and contain approximately 500 parking spaces. The gross building area will exceed 410,000 square feet producing a 1,070 average net rentable square foot per unit.

"This is a very complex garage and tower design with a density of almost 150 units per acre. We are surrounding two sides of the parking garage with concrete-framed, two-story townhomes with direct-access garages, along with four levels of flats above those," said Scott Johnson, Palladium USA's senior vice president development/construction. The primary outdoor amenity deck will be on the 9^th floor with the tower units rising 250 feet into the air above this deck level. The tower will be a glass curtainwall system in an oval design, as opposed to the traditional rectangle design with punched windows, according to Johnson. Humphreys & Partners Urban Architecture, L.P. is the architect for the development.

The luxury high-rise will feature unmatched amenities that are highly desirable to tenants seeking best-in-class housing. The 9,000-square-foot leasing/lobby center on the ground floor will contain a bike storage room, with maintenance and wash area to accommodate 60 bicycles; 7 car-charging stations; a pet washing and grooming room; a conference room and business lounge; a "refreshments" lounge with catering kitchen and outdoor patio; numerous seating areas; and a porte cochere entrance. On the 9th floor amenity deck, there will be a 2,300-square-foot fitness center; 3,800-square-foot spa with massage room, yoga/virtual fitness room, relaxation lounge, steam room, dry sauna room, men's and women's locker rooms; and a 3,800-square-foot bar/lounge with private TV cabana, two conference rooms, TV lounge, private poker room, catering kitchen, numerous seating areas and great views to the outdoor pool and courtyard areas.

The most prominent feature of the 9th floor amenity deck will be the outdoor pool and courtyard area, which will contain dual outdoor kitchens, spa, pool, and numerous seating areas with water and fire features. Additionally, the 27^th floor will contain a 1,500-square-foot bar/lounge, kitchen and dining area, as well as an outdoor deck to enjoy the tremendous vistas overlooking the Legacy West development. "Every detail reflects our efforts to develop an amenity package that will be unsurpassed in high-rise luxury living," said Huth.

Palladium USA is anticipating a second quarter 2016 construction start with construction lasting 24-30 months. Although the rental pricing for the units has not yet been determined at this early stage, units will range from 616 square feet to more than 6,000 square feet for the top penthouse – the largest penthouse unit in the region, according to Huth.

Legacy West is a 255-acre master-planned, mixed-use development surrounding the JCPenney corporate campus at the southwest corner of the Dallas North Tollway and State Highway 121. The project is being spearheaded by The Karahan Companies in partnership with Columbus Realty, KDC and JCPenney. Legacy West is already home to Toyota Motor Corporation North American Headquarters, Liberty Mutual Insurance Company regional offices, and FedEx Office Headquarters.

About Palladium USA
Dallas-based Palladium USA International was formed in 1992 and has multifamily developments under construction in Texas in the communities of Aubrey, Midland and Little Elm. Palladium Group is a worldwide market leader in commercial real estate development, property management, construction, renovation, condominium sales and marketing with offices in Dallas, Milan, Paris, London, Brussels, The Hague, Berlin, and Lugano, Switzerland. For more information, visit www.palladiumusa.com.