Dallas Business Journal – Plano
Entrepreneur Abid Abedi will begin construction on a $60 million townhouse project early next year.
Development of the 182 new single-family townhouses on 19 acres at the northwest corner of Plano Pkwy and Independence Pkwy has been a decade in the making.
Abedi acquired the tract from networking technology firm Alcatel-Lucent in 2005 after a deal with another homebuilder fell through.
The investor and his brokers from Novus Reality Advisors lobbied to change the zoning, and city council recently approved Abedi’s project, which will bring 182 two-story townhomes ranging from $300,000s to the $350,000s.
Locally based Megatel Homes Inc. will build the homes. The company will start construction in first quarter 2015.