Planet Smart City has announced its expansion into North America with the launch of 324 new rental apartments, and 11,000 square feet of retail and commercial space, in partnership with international real estate developers Palladium Group in Little Elm, Texas.
Work on the project, named The District, builds on the existing partnership between Planet and Palladium, which has seen the successful regeneration of Quartiere Giardino in Milan, Italy. With expertise in construction, Palladium Group will employ local workforces to build the properties. Planet is providing both capital and expertise for the project and will integrate a variety of smart solutions to enhance services available to residents and improve quality of life.
Smart solutions will include: the Planet App, a community app where residents can interact with the smart solutions and shared services available in the neighbourhood; an Innovation Hub, a space equipped with resources, tools and technologies to enable residents to thrive; as well as community management, a team dedicated to understanding community needs and co-creating events, courses and activities.
The project 4.69 hectares land, located in Denton County- part of the fourth fastest growing real estate market in North America and Canada, the Dallas-Fort Worth Metroplex – in Little Elm is one of the fastest growing municipalities in Texas, with an estimated population of more than 55,000. Like many other cities in North America, due to a lack of supply and increasing rental prices, there is a pressing need for affordable housing solutions.
The launch of apartments in Little Elm will help address the housing deficit by offering new, smart enabled homes for an average of US $1,300 per month. With projects in Brazil, India and Italy, the launch of Little Elm signals the latest advancement in Planet’s mission to solve the global affordable housing challenge. Having raised circa US $190 million to date, the Planet Group’s ambitious global growth plans foresee the sale of 44,500 housing units by 2025.