Dallas Business Journal
By Bill Hethcock – Assistant Managing Editor, Dallas Business Journal
Updated
The Frisco City Council has green-lighted construction of up to 4,000 apartments, hundreds of hotel rooms and millions of square feet of office and retail space at a prime site along the Dallas North Tollway.
Dallas-based Zarky Development LLC will develop the 123-acre site, according to a 105-page development agreement approved by the City Council Tuesday.
The project, to be built out over several years, will add another major mixed-use development to the booming Collin County city already known for
The Star — built around the world headquarters of the Dallas Cowboys — as well as Frisco Station, The Gate, the Fields development and Wade Park (recently re-envisioned and renamed The Mix).
Totaled up, the Zarky site — rezoned by the city in 2009 — is approved for a maximum of 3.5 million square feet of office space, 1 million square feet of retail space, 1,000 hotel rooms and 4,000 multifamily units.
But it’s not that simple.
The development agreement includes two conceptual master plans for the property with different mixes of residential, office, retail and hotel space. One master plan option would have 2,800 multifamily residential units and 1 million square feet of office space. The other option would come with 3,500 multifamily units and 1.5 million square feet of office space.
In addition, Zarky can apply to build 700 more multifamily units in high-rise towers, according to the development agreement.
The development agreement sets out a building permit fee of $2,419 per multifamily unit for the next five years.
The plan calls for a phased approach with check-ins and further approvals necessary as the project progresses.
“At the time of each phase of development, the applicant shall submit updated land use totals for the Planned Development,” the development agreement states.
The site is generally on the southwest corner of the Dallas North Tollway and Main Street. It’s bounded by Main Street to the north, Dallas Parkway to the east, Cotton Gin Road to the south and Legacy Drive to the west.
Zarky Development LLC, an affiliate of Dallas-based TPMC Realty Corp., bought the land for the project in January 2007, with plans to build a project called Main Place, according to a project description on TPMC’s website.