Regions Bank provides backing for $66.9 million Prosper apartment project
Regions Bank will provide funding to build a new $ 66.9 million Prosper apartment complex as Collin County continues its rapid growth.
The 329 apartments and townhouses will occupy 15 acres of historic downtown Prosper and will be built by LIV Development, based in Birmingham, Alabama. Plans for the development, which will provide walking access to nearby restaurants and retail stores, have expanded slightly since the project was first announced.
“Demand for apartment buildings in Dallas-Fort Worth remains very strong, especially as Texas continues to benefit from business expansion, corporate relocations and more,” said Clark Worrell, Relationship Manager, Income Home Financing for Regions Bank, in a statement.
Historic downtown Prosper was formerly an agricultural hub used by the St. Louis-San Francisco Railway and served as the main stop on the Dallas-Sherman railway line.
Along the railway is a collection of huge metal grain silos, which for decades were the largest structures in Prosper. Several of the metal silos that remained in the downtown area from Prosper’s early days were recently demolished by property owner Blue Star Land to make way for mixed-use development.
LIV and regions are promoting the project’s location near the North Platinum Corridor, a term coined by the City of Frisco to denote the concentration of high quality developments along a stretch of the Dallas North Tollway. The corridor includes developments such as the Dallas Cowboys headquarters, Hall Park office complex, and Dr. Pepper.
The Prosper development, which has yet to be named, should be completed by November 2023. LIV has developed or acquired over 20,000 US $ 3 billion worth of apartment buildings in the south, including four projects in northern Texas and three more in central Texas.
Regions, also based in Birmingham, has over $ 156 billion in net worth, providing consumer and commercial banking, asset management and mortgage products and services to clients in the South, Midwest and Texas.