5225 Town & Country Boulevard · Frisco, Texas · 75034
Ravello Stonebriar is a luxury apartment community with 216 units and a stately modern Mediterranean vibe. But it’s also a solution created before the problem it solves was fully realized, and a property that in many ways has helped us learn from the past.
In the late 1990s, Plano, Texas, was a dot on the map outside the Dallas-Fort Worth perimeter. Today, it’s one of the fastest growing cities in the nation, with an estimated population of 250,000 set to flood the area by 2020. It’s all about business—a large number of US and global corporations have found a happy home for their American headquarters here, including Frito Lay, JC Penny, Toyota, JP Morgan Chase and Liberty Mutual, all located in the 2,665-acre, 20 million square foot Legacy Business Park.
Just across State Highway 121 however, where the road intersects with Legacy Drive, another revolution of sorts is happening. It began nearly 20 years ago with a Westin Hotel, which spawned a Sheraton, around which a robust collection of retailers, restaurants and office space sprung up through the turn of the millennium. Then, the recession crashed, the oil industry tanked, and by 2010, the area was deep in a construction stall. That’s when NAP purchased 11.5 acres at the intersection and began filling a maybe not-yet-obvious need in the market: residential.
A very good site, over time, became one of the best ever.
With the finishes and all the attention to detail, these apartments are truly more like condominiums for rent than simply apartments.
In 2010, we began work on half the acreage. The result is Amalfi, a 395-unit luxury apartment complex that features stylish fixtures and finishes, lovely breezeways, walkability to restaurants and retail, and floorplans that range from 2-story townhomes to 600 sq. ft. one-bedrooms. Leasing was swift despite the economic downturn, and NAP filled the building, sold the property in 2016, and immediately began work on phase II just across the intersection—and just as a new crop of Fortune 500s decided to set up headquarters, bringing 15,000 new jobs to the area. We called the property Ravello, after the town, commune and UNESCO World Heritage site of the same name situated on the Amalfi Coast.
Smart development is partly about learning from the past to fulfill a future need. At Amalfi, we noticed that the higher-priced, larger townhomes leased up first, so at Ravello, we built more of them. Open-air breezeways gave Amalfi an upscale feel (and referenced its Italianate styling), but were often more wind-tunnel than comfortable place to pause, and tended to fill up with leaves or snow, depending on the season. Tempered storefront glass in Ravello’s corridors let the sun in but keep the weather decidedly out. Finally, finishes at Ravello were carefully selected to meet the rising expectations of renters in the area. Every detail was considered, from double-color cabinets to chef-worthy kitchen appliances and trend-forward light fixtures. The idea: Build to the quality expected by the execs and office staff soon moving in across the street, but do it even better than it had been done at Amalfi.
The opportunity with Ravello was unique—most of the time in the development world, you find established residential in search of a retail, restaurant and office cohort. At Legacy and SH-121 however, the script was flipped: a well-established, walkable retail center stood in search of its residential match. We’ll take a little of the credit for playing cupid. Ravello arrived at just the right time in just the right, ready-to-receive-it place. A combination of patience (riding out an epic economic slump), prescience (understanding a need about to be realized and learning from previous projects), and a push for great execution made it so, and one of our flagship successes in the Dallas market.