Rebranded as Frisco North Platinum Corridor, Frisco’s $5 Billion Mile Marches North
If you’ve been in Frisco for awhile, you are used to hearing about Frisco’s famed $5 Billion Mile. The 549-acre tract surrounding Dallas North Tollway (DNT) from Sam Rayburn Tollway/SH 121 to Main Street. In development for the last 4 years, Frisco’s $5 Billion Mile is one of the most robust development plans in the country and has sparked nationwide interest in this booming area.
But what’s happening lately with the $5 Billion Mile? Let’s catch up.
Frisco New Development Updates
New Name for $5 Billion Mile
If you search Google now for ‘$5 Billion Mile’, you may notice many of the results that pop up don’t bear the familiar name. Now, you’ll see something called ‘The Frisco North Platinum Corridor’. In late April, the Frisco Economic Development Corporation spoke about the new branding as part of Frisco’s emphasis on development along the entire stretch of the Dallas North Tollway – up to U.S. 380 rather than stopping at Main Street.
Additional Development Projects
So, what’s happening north of Main Street? Part of the emphasis on rebranding the $5 Billion Mile to Frisco North Platinum Corridor includes major developments happing up the DNT from Main St to Highway 380.
These developments include:
Texas Health Hospital Frisco
A 20-acre hospital and medical office complex. The $270 million development will include a 325k SF hospital, an 80-bed acute care facility, women’s services facility, and a neonatal ICU. The 8-story hospital is expected to open in 2019.
On the west side of DNT, The Railhead is a planned 80-acre, mixed-use development featuring a 10-story, Class-A office tower and a 200-apartment residential high-rise. The Railhead is a $1.5 Billion investment.
National Soccer Hall of Fame
You already knew Frisco was a sport’s mecca. Now, the National Soccer Hall of Fame is in the final stages of construction at Toyota Stadium on the north side of Main Street and the Dallas North Tollway. The National Soccer Hall of Fame will feature 100k SF space and include a 19,350 SF NSHOF experience incorporating virtual reality and interactive digital technology and displays to celebrate Hall of Fame players. The National Soccer Hall of Fame will also feature a club and soccer specialty store and is set to open October of 2018.
In addition to the three new developments north of Main Street, The Frisco North Platinum Corridor now also includes Stonebrook Business Park, a 37-acre Class A, mixed-use development on the north-west corner of Stonebrook Parkway and Dallas North Tollway. Stonebrook Business Park will include 38K SF of retail and restaurants, 2 hotels and a conference center.
Updates on Original $5B Mile Projects
When the original $5B Mile term was coined, there were 4 primary projects making up the $5.4 Billion development. Here’s an update on those projects.
Wade Park in Foreclosure (again)
One of the larger development in the original mix, Wade Park was located on the southeast corner of Lebanon and Dallas North Tollway. Original plans for this 175-acre, $2 billion development called for 6 million SF of office space, 600,000 SF of walkable retail and restaurant space, high-rise luxury residential, plus premium anchors such as Whole Foods Market, iPic Theater, and Hotel ZaZa.
Since they started development of the site over a year ago, Wade Park has faced round after round of money trouble. Work on the project was halted last year while Atlanta-based Thomas Land & Development tried to work through the financial issues and obtain new funding. In February of 2018, two lenders began threatening a forced sale but postponed the foreclosure. Now, the lenders have set a new forced sale date and foreclosure could happen as early as late May or June.
The Star in Frisco
The 91-acre, mixed use development is home to Dallas Cowboys World Headquarters and is rocking right along with new office, retail, restaurants and hotel space opening daily it seems. The Ford Center at The Star in Frisco opened in late summer 2016 and is now the practice facility for the Dallas Cowboys as well as major concert and sporting events.
The new Omni Hotel opened last July inside The Star in Frisco and features 300 luxury rooms, high-end restaurant, and retail. The Omni Hotel is now the official hotel of The Dallas Cowboys and is also the tallest building (for now) in Frisco.
Additionally, Baylor Scott & White Sports Therapy & Research Center opened in April of 2018 and features a 9-story, 300K SF medical office building, surgery center, pharmacy, outpatient imaging, urgent care facility and an indoor/outdoor sports performance center.
The largest development in the original $5 Billion Mile project, Frisco Station comprises 242 acres and includes plans for 4 million SF of Class A office space, 2,400 apartments, retail, restaurants, entertainment venues, hotel and medical facilities. Construction began in 2015 and the first office building is now open and is filling fast. The Offices One at Frisco Station recently signed leases with Equinix, a global data center giant, and Dallas-based executive suites operator Executive Workspace.
Also, at Frisco Station, two hotels are underway in addition to Station House, a 300 unit urban-living multifamily complex, and SkyHouse, a 25-story, 332-unit residential tower.
The smallest development in the original master plan, The Gate is a 41-acre, mixed-use development funded by Dubai-based Invest Group Overseas. The Gate, a $700 million project, will feature high-rise condo style residences, a boutique hotel, retail & dining, a 415K SF medical office complex, plus 4 Million SF of Class A office space.
At the last updated provided, The Gate has started development on two apartment complexes (Embrey & JPI) but is seeking development partners to help build out the office, retail and restaurant space.
It’s never boring in Frisco, with lot’s going on with planned development and new infrastructure and parks. Watch our video on The $5 Billion Mile and take a peek at this update on Frisco’s new park plans. If you have any questions about buying or selling a home in Frisco, give us a call at 469-634-0932 any time!
About the Judi Wright Team
Judi Wright/The Judi Wright Team is a real estate group specializing in the suburbs of Frisco, Plano, and surrounding areas. Named the “Best Realtor in Dallas,” by D Magazine twelve times and a Five Star Realtor with Texas Monthly. Judi is also a Company-Wide Top performer with Ebby Halliday and the #2 Top Group for Ebby Halliday Frisco.