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 affordable housing provider Planet Smart City is partnering with international real estate developer Palladium Group to build a tech-enabled rental housing complex in Little Elm, Texas.
Work on the project, named The District, builds on the existing partnership between Planet and Palladium, which has seen the regeneration of Quartiere Giardino in Milan, Italy – designated a “smart district”.
With expertise in construction, Palladium Group will employ local workforces to build the 324 rental properties, as well as 11,000 square feet of retail and commercial space. 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.
“In Italy, Palladium and Planet Smart City have shown how rich community life and a high quality of living can be accessible at a reasonable price”
Little Elm, located in Denton County, is said to be 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.
Planet said the launch of apartments in Little Elm will help address the housing deficit by offering new, smart-enabled homes for an average of $1,300 per month.
“We are delighted to launch in North America, showcasing our sustainable and replicable model in the continent. As with many areas around the world, North America faces challenges in relation to housing affordability, particularly when it comes to rent price,” said Giovanni Savio, global CEO of Planet Smart City.
“The District will integrate smart solutions and value-added services for the residents.”
“In Italy, Palladium and Planet Smart City have shown how rich community life and a high quality of living can be accessible at a reasonable price,” added Tom Huth, CEO of Palladium USA.
“We are delighted to bring this partnership to Little Elm, where we will make smart solutions work for our future residents.”
Construction has already started on the project and its first residents are expected to move in by 2022.
Since its establishment in 2015, Planet Smart City said it has raised circa $190m of capital from institutional and private investors to implement its ambitious growth plans, with the aim of selling 44,500 housing units by 2025.