Construction is humming along on a new apartment complex at Southstone Yards, a 45-acre mixed-use development in Frisco.

Penrose will feature 382 apartments at 4301 Tributary Way. Work is progressing and expected to finish by fall 2027, according to a July 15 announcement. Leasing will begin in early 2027.

It adds to the immense dirt being turned at Southstone Yards, which has become a noteworthy mixed-use destination in a city full of them.

The Frisco Planning and Zoning Commission approved a site plan for the project in December. The community is being developed by Dallas-based Rosewood Property Co. — part of the family of companies founded by the late Caroline Rose Hunt, daughter of famed oil tycoon H. L. Hunt — in partnership with MetLife Investment Management, the asset management arm of insurance giant MetLife Inc. (NYSE: MET). The project team also includes Hensley Lamkin Rachel Inc., LandDesign, B2 Design Co., KFM, and OHT Partners.

Amenities will include a clubhouse, fitness center, coworking spaces, a wellness area with a sauna and cold-plunge pools, a golf simulator, a resort-style pool, outdoor lounge areas and structured parking.

Veritex Community Bank and Associated Bank are providing financing for the project. The projected investment in the new community was not disclosed.

“As employees continue returning to office, the master plan targets residents who value work-life balance with nearby amenities to enjoy when not working,” Rosewood Senior Vice President Tim Harris said in a statement. “The priority of this development is resident well-being.”

Penrose is part of the larger Southstone Yards development, a multi-phase project that is expected to eventually have more than 1,000 residential units, along with offices, retail, restaurants, a hotel and open space. The site is anchored by the Offices at Southstone Yards, a 235,000-square-foot mass timber office building that opened las year. The office complex was developed by Dallas-based Crow Holdings Development, with design by Duda Paine Architects and Gensler.

Toyota Financial Services, a division of the automotive giant, in November leased the entire building and plans to move into the space by the end of this year. At the time, the deal was the largest office lease in the Dallas-Fort Worth metro in the past two years, according to CoStar News.

Quarterra, a division of homebuilding giant Lennar Corp., is also working on a 355-unit apartment complex at Southstone Yards called The Ansel. Leasing began in May, MultifamilyBiz.com reported.

Southstone Yards reflects a growing trend since Covid-19: workers prefer live-work-play communities that spare them long, traffic-clogged commutes. Employers, eager to recruit and retain talent, now see that supporting a better daily routine matters and mixed-use developments like Southstone Yards are helping serve both sides.

“With fewer projects coming to market, timing and location is more important than ever,” said Michael Vogt, managing director and portfolio manager at MetLife Investment Management, in a statement. “Penrose is a great opportunity as it taps into an infill location within a growing suburb.”

Frisco, which has added more than 200,000 residents in the past two decades, is seeing a wave of major mixed-use developments such as Firefly Park, The Mix, Frisco Railhead and Fields West — all of which are expected to top $1 billion in investment.

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