Despite a beleaguered capital markets environment and elevated interest rates, both the third and fourth phases of The Links on PGA Parkway luxury apartments will move ahead.
Boutique real estate developer Carbon Cos., founded locally in 1988, and Greenway Investment Co. completed the first 690 dwelling units at the community on Paramount Way near the intersection of PGA Parkway and the Dallas North Tollway.
The first two phases of the project have leased up “robustly,” according to Ed Garahan, Carbon Cos.’ chief executive officer.
It’s given the developer, which has owned the land since 2000, confidence to break ground on 620 further units between the two new phases in the fourth quarter of this year.
Garahan said The Links project was the “first one out of the box” in the area, and the inertia in the corridor has continued to build accordingly.
The area has since welcomed the PGA of America headquarters and the Omni PGA Frisco Resort, along with the news of a forthcoming Universal Kids Resort and the extension of the Dallas North Tollway.
That’s not to mention the now-underway 180-acre Fields West development, set to bring 350,000 square feet of retail, restaurant and entertainment space, 1,200 dwellings and 325,000 square feet of office space. The project is part of the greater $10 billion, 2,500-acre Fields development. Developers Karahan Cos. and Hunt Realty are building Fields in partnership with investors Chief Partners and Crosstie Capital.
While the first two phases of The Links were lower in density with surface parking, the new phases will be podium-built, allowing for higher density and below-grade parking.
Filings with the Texas Department of Licensing and Regulation show an estimated construction cost of about $96.9 million between the phase three and four efforts.
The filings call for amenities such as clubhouses, fitness centers, roof terraces and pools, with GSR Andrade Architects leading design.
Existing units at The Links range from one to three bedrooms.
Carbon Cos. launched a new initiative with Shepherd Development targeting senior-living opportunities in Texas with its Woodland Cottages brand. The partnership is building in places such as Fredericksburg, Belton and College Station.
