A Dallas apartment builder has paved the way for a $64 million rental community north of McKinney in Anna.
Palladium USA is constructing the 239-unit project east of US Highway 75 on East Foster Crossing near State Highway 5.
The Palladium East Foster Crossing will have apartments in a 4-story building and will include a resort-style swimming pool, fitness center, conference center, dog park, computer lounge, children’s playroom and a gym. of clubs.
“Construction has begun and we will deliver the clubhouse and first units in November 2023,” said Palladium USA President and CEO Tom Huth. said in a statement.
HEDK Architectes designed the project and BBL Construction is the general contractor.
Anna Public Facilities Corp. issued $33 million in tax-exempt bonds to help fund the development which were purchased by Cedar Rapids Bank and Trust. PNC Bank provided $27 million in equity.
“We are thrilled to partner with Palladium on their second project in Anna,” Anna Mayor Nate Pike said in a statement. “Our community understands the need for diverse, quality housing options and this project helps to further that vision.”
Palladium USA specializes in providing affordable rental housing.
The developer currently has nine multi-family projects under construction with 1,700 units in Anna, Port Aransas, Midland, Fort Worth, Little Elm, Garland and Dallas.
Anna and the nearby town of Melissa have recently seen several start-ups of new rental projects.