In case you haven’t heard, the “$5 Billion Mile” in Frisco s the one mile stretch along the Dallas North Tollway from Warren Parkway to Lebanon Road which will comprise 4 mixed-use developments and at least $5.4 billion in capital investment. The projects are transforming about 549 acres of land in Frisco into high-end developments.
“No. 1 best mid-sized city to move to.” ~~ Movoto.com and MSN Real Estate
Here are the fast facts…
- Location: Just 25 minutes north of Downtown Dallas and 25 minutes away from DFW International airport. Every major city in the continental United States accessed within a four-hour flight
- Frisco Population: 147,580 as of May 1, 2015
- Annual Population Growth Rate: 5.8%
- Workforce Estimate: 70,184
- Residents with Bachelor’s Degree or Greater: 58.9%
- Median Household Income: $109,956
- Average Value of Single Family Home: $317,560
- City of Frisco Assessed Property Value for Fiscal Year 2015: $18 Billion
Let’s walk through the projects that make up the Mile:
1. The Star in Frisco (Cowboys Headquarters): 91 acres in size, this development includes $350 million corporate headquarters and practice facility of the Dallas Cowboys, an Omni-branded hotel, 1.7 million square feet of space within office buildings, residential buildings, and retail/restaurant property, and a walkable community that interacts with the Cowboys facility. The Cowboys portion is expected to be finished by the end of summer 2016. Cost $1 billion.
2. Frisco Station: This is the largest development project comprising 242 acres. Three large family-owned companies- The Rudman Partnership, Hillwood Properties, and VanTrust Real Estate- plan to develop more than 4 million square feet of Class A office space, 2,400 apartments and retail, restaurants, entertainment venues, hotel, and medical facilities. Construction will begin this summer. Cost $1.7 billion.
3. The Gate: This 41 acre development, funded by Dubai-based Invest Group Overseas, totals 2.3 million square feet including high rise condo-style residences, a boutique hotel, retail and dining, and Class A office space in a walkable environment. Construction is scheduled to begin later this year, with completion expected in summer 2019. Cost $0.7 billion.
4. Wade Park: 175 acres in size, this project is the only one on the east side of the Tollway. Developed by Atlanta-based Thomas Land & Development, Wade Park has already landed Whole Foods Market, iPic Theaters, and Pinstripes, with plans to announce more retailers and boutique hotel,(Hotel ZaZa). The project is expected to total 6 million square feet of office space and 600,000 square feet of walkable retail space and several upscale hotels. Initial phases are expected to open in fall 2016. Cost $2 billion.
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The total collection of development projects, if built as envisioned, will bring the following to Frisco:
- 12.1 million square feet of high-end office space
- 1.32 million square feet of retail, restaurant, and entertainment space
- 490,000 square feet of medical office space
- 820 hotel rooms within multiple hotels
- 3,700 apartment homes
- Two, 10-story luxury condo towers or villas
- 12,000-seat indoor multi-use facility at Dallas Cowboys headquarters that will allow Frisco high school students to play football and host city events
And, this could be just the beginning… Real estate investors with land holdings further north on the Tollway are banking on big developments following this path.
Excerpts of this article from Frisco Economic Development Corporation and Dallas Business Journal. See FriscoEDC.com for more information.