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New High-Rises Proposed for $5B Mile in TX

Thursday, May 4, 2017

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Frisco, Texas’ $5 billion mile just got a little bit bigger. Developers along the Dallas North Tollway just announced two residential high-rises will be added to the vast mixed-use campus.

The stretch includes Wade Park, The Gate, Frisco Station and the Star in Frisco, which is capped by National Football League team the Dallas Cowboys’ corporate headquarters and training location.

What’s There?

Over the past four years $5 billion worth of developments, in more than 500 acres, along a 1-mile span in Frisco have been planned, proposed or constructed, with more to come.

  • Wade Park (Thomas Land & Development, Wakefield Beasley & Associates), a $2 billion investment at 175 acres houses 600,000 square feet in retail, 6 million square feet in office space, coupled with over 500 hotels rooms and 1,300 residential units. It also houses a theater and a hotel.
  • The Gate (Invest Group Overseas), a $1 billion investment at 41 acres will house 4 million square feet of office space and 122,000 square feet of retail space, among other amenities.
  • Frisco Station (Rudman Partnership, Hillwood Properties, ValTrust Real Estate, JHP Architecture/Urban Design), a $1.8 billion investment at 242 acres, sits directly beside the Star and brings over 900,000 square feet of medical office space to the mile.
  • The Star (Lincoln Property Company, Gensler, Manhattan Construction, O’Brien Architects and Rex Real Estate) is the pinnacle, at $1.5 billion and 91 acres. The home of the Cowboys is expected to bring 4,500 jobs once everything is up and running.

It’s those jobs that are making developers push the envelope a little more, requesting rezoning for the space for the proposed residential high rises.

Residencies

"Demand for high-rise residential buildings in Frisco is strong, so two mixed-use developments on the Dallas North Tollway, The Star and Frisco Station, are moving forward with a zoning update to include high-rise residential buildings in their projects,” said Jim Gandy, the head of the Frisco Economic Development Corp.

Officials with the Star have proposed a 17-story apartment tower, and Frisco Station developers say they want a 24-story high rise. Both require zoning changes.

While many of the other projects along the mile have residential components (including the Station’s 2,400 residential units), the Star does not.

This construction boom has spread farther than Frisco. According to The Dallas Morning News, there are nearly a dozen high-rise residential buildings either under construction or announced in the Dallas area, primarily in the uptown or downtown neighborhoods. An estimated 60 percent of Frisco is under construction.

"I would assume there is another $2 billion out there under construction on the commercial side," Gandy said.

   

Tagged categories: Commercial Construction; Condominiums/High-Rise Residential; Construction; Developers; Residential Construction

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