$3B Frisco Mixed-Use Development Will Fill Huge Hole — Literally
More than six years after an abandoned development along the Dallas North Tollway in Frisco left a huge hole dug for an incomplete underground parking garage, new developers are moving forward with a $3B project that could bring more than 2M SF of office space to the city.
Frisco officials approved a $113.4M incentive agreement and a development agreement Tuesday for the 112-acre The Mix project at the corner of Lebanon Road and the Dallas North Tollway.
Plans for the project, which is being overseen by JVP Development affiliate TheMix Partners LLC, include completing the subterranean parking structure and developing 375K SF of restaurant and retail space, including an upscale grocery store, as well as medical office space, two hotels, townhomes and multifamily units.
The performance-based incentives approved by the Frisco City Council include a $10M infrastructure grant from the Frisco Economic Development Corp. and more than $103M in tax grants from the city, FEDC and the Frisco Community Development Corp., according to Community Impact.
To receive those incentives, the city established timing requirements that include all Phase 1 infrastructure being done by the end of 2026, 80% of retail being open by the end of 2027, and the underground parking garage and Phase 1 open space being completed by the end of 2033.
“[The] benefit of Phase 1 is fixing the hole on the tollway,” Assistant City Manager Rob Millar said during the Tuesday Frisco City Council meeting, adding that “it is a key piece of the development agreement and a community benefit.”
With population growth in the northern suburbs continuing to outpace that of Dallas County, mixed-use developments like The Mix are on the rise in the Metroplex as developers follow new residents and their wallets.
The Mix joins other such projects already underway in Frisco like the $2B Fields West project from Legacy West developer The Karahan Cos. and the Firefly Park development that will bring office space, a hotel, retail and dining, townhomes and multifamily units, and a large park to the city.
The city also approved $182M in improvements to the city-owned Toyota Stadium last month that will turn it into the centerpiece of a mixed-use sports and entertainment district.
The Mix will have a large central park at its center and feature more than 16 acres of green space. Phase 1 of the project is slated to consist of 100K SF of retail space, a 114K SF medical office building and the multifamily units.
The site was initially set to be developed as a $2B mixed-use development named Wade Park that would have included office, hotel and residential space, as well as a Whole Foods grocery store and an entertainment venue.
Construction began a decade ago but stopped in 2017. Lenders seized the property in 2019, and more than a year later, Georgia-based owners Wade Park LLC filed for Chapter 11 bankruptcy.
