Surprise, surprise Frisco, Texas is booming with no evidence of slowing down. In line with that growth, the Hillwood Communities Frisco Station development started in 2016 is poised to potentially add approximately 410 apartments at an estimated cost of construction $94.2 million deliverable in 2026. According to a recent Dallas Business Journal article by Noor Adatia the project will be named Frisco "UL4," include 2 residential buildings, 2 parking garages amounting to 410,000 square feet of rentable space. In total, it is anticipated that with the addition of the Frisco "UL4," the Frisco Station development will attract as many as 3,500 residents and approximately 15,000 daytime employees to the area.
As Noor Adatia describes in her article, the Frisco Station development is not the first such development in the Frisco area. In fact, Hillwood Communities has already completed 3 similar projects in Frisco and this will not be their last. With the relocation of significant business to the area such the Toyota-Lexus headquarters and PGA Tour headquarters there has been a constant demand for housing. These Frisco Station developments are serving that demand and it will be interesting ultimately see how far this trend of multifamily development will extend, and whether or not potentially declining interest rates push consumers back towards single family construction.
As with any significant commercial development such as Frisco Station and Frisco "UL4" there will be multiple layers of contractors, subcontractors and suppliers. At some point, it is likely that issues will arise related to payment resulting in liens or potential bond claims will arise, as well as, delay claims, potential construction defects, significant material price increases or supply chain delays. Carefully drafting the construction contracts in anticipation of these issues will be critical.
If your company is either involved or considering being involved in the Frisco "UL4" project or similar projects and are looking for assistance and advice on effectively negotiating your construction contracts, defending against delay claims, or seeking payment, Gray Reed can help. We believe that effectively representing construction businesses requires an industry-based practice. It's not enough to know the law—we need to know the industry, how it operates and how a project progresses. Our attorneys provide a full range of legal services to manufacturers, contractors and owners ranging from small, family-owned businesses to ENR Top 400 Contractors, state and local government agencies, and Fortune 500 Corporations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.