Development news

Massive development coming to Frisco with townhomes, park, and Dream Hotel

Firefly Park is a 242-acre mixed-use development

Rendering courtesy of Wilks Development

A new mixed-use development with offices, residential units, and a location of the boutique luxury Dream Hotel is underway in Frisco.

Called Firefly Park, the project will be a collaboration between real estate company Wilks Development and the Frisco Economic Development Corporation, built at the intersection of US 380 and the Dallas North Tollway along PGA Parkway, comprising 242 acres total, with 159 acres owned by Wilks and 59 acres owned by Frisco EDC.

According to a release, the development will break ground this spring and will include office space, retail, dining, and entertainment, plus 230 townhomes, 1,970 residential units, and 1,200 rooms at the Dream Hotel, a Chicago-based group subsidiary of Hyatt with locations in Nashville, New York, Miami, and Qatar.

The centerpiece will be a 45-acre park and open space featuring a "chain of lakes," with an illuminated and immersive outdoor art walk, miles of hike and bike trails, fountain views, and family-friendly playgrounds. Other amenities include a wedding chapel, event lawn, and amphitheater.

The initial phase will involve the construction of public infrastructure, including streets and roads, medians, driveways, turn lanes, fire lanes, water lines, wastewater mains, drainage, electric utilities, gas utilities, and telecom/fiber networks, to be executed by Frisco EDC and Frisco North Development LLC, a subsidiary of Wilks Development.

Mahard Parkway will eventually be built out to a divided four-lane boulevard that connects PGA Parkway to US 380. A new bridge for pedestrians, cyclists, and vehicles will be constructed across a lake and open space along Shearwater Boulevard.

The first phase of the development agreement requires the construction of the Dream Hotel, office space, dining and shopping venues, and the park.

The project has been in the works since 2022. Wilks Development originally purchased the land in 2015, a fortuitous acquisition preceding the PGA of America relocation to Frisco. The Omni PGA Frisco Resort and courses opened in May 2023. Frisco EDC President Jason Ford calls it the "PGA halo effect", accelerating development in north Frisco.

frisco hotels openings

Big deal

Houston investor acquires Bishop Arts mixed-use portfolio in $170M deal

Photo courtesy of Hines

Michelin-recognized Written by the Seasons is one of several Bishop Arts businesses acquired by a Houston-based investor.

A Houston investor has snapped up a mixed-use portfolio of nine buildings in the Bishop Arts District, the second Bishop Arts property acquisition since August.

Hines Global Income Trust told CultureMap it paid more than $170 million for a mixed-use complex with 539 apartments and 49,000 square feet of high-end shops. The Bishop Arts Portfolio, as Hines refers to the real estate package on its website, sits on almost seven acres.

“Bishop Arts is a special place, shaped by the care and investment of its prior ownership. We see our role as building on that foundation through thoughtful ownership and Hines’ integrated operating platform,” Corbin Eckel, managing director at Hines, told CultureMap.

Hines identified the seller as Dallas-based Exxir Capital. Exxir developed Oak Cliff's 750,000-square-foot, two-block Bishop Main Street area, which features retail, residences, and offices, and includes the properties acquired by Hines.

Tenants of the newly acquired properties include:

Italian restaurant Lucia, a Michelin recommended restaurant.
Michelin-praised Written by the Seasons, which serves a New American menu.
Paradiso, a Southern European-inspired eatery.
Bar Eden Lounge, a swanky cocktail bar.
Village Baking Co., an artisan bakery.

Hines is taking over all leases at the residential properties:

Bishop North, 200 N. Bishop Ave.
Bishop Canopy, 515 W. 10th St.
Bishop Flats, 305 and 431 Melba St.
Treehaus, 211 W. 10th St.
Retail at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. Ninth St. Altogether, the portfolio’s retail component comprises 22 tenants.

The Hines deal comes two months after Dallas-based investor 90Ten purchased 301-321 N. Bishop Ave.301-321 N. Bishop Ave. in Bishop Arts. Tenants include burger diner Hunky’s, Italian pastry and coffee purveyor Palmieri Café, vintage clothing store Dolly on Bishop, gift shop Kawaii Candle Co., and cosmetics retailer Simply Bella.

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