[00:00:02]
"FINALLY." A SIGH OF EXCITEMENT AS CITY LEADERS ALONG WITH THE DEVELOPMENT TEAM CAME TOGETHER TO CELEBRATE WHAT WILL BE KNOWN AS THE MIX.
“WE ARE SO EXCITED TODAY TO FINALLY START MOVING DIRT ON THIS PROJECT AND HAVING ITS REBIRTH.” THE 112-ACRE MIXED-USE PROJECT WILL TRANSFORM THE SOUTHEAST CORNER OF DALLAS PARKWAY AND LEBANON ROAD.
WE WORKED HARD WITH THE CITY FOR ABOUT 5 YEARS EVEN THROUGH COVID TO GET THIS PROJECT RELAUNCHED AND TODAY WE’RE EXCITED TO FINALLY BEGIN CONSTRUCTION ON THE MIX.” THE $3 BILLION DEVELOPMENT INCLUDES PLANS FOR RETAIL AND RESTAURANTS, 2 HOTELS, TOWNHOMES AND CLASS-A OFFICE SPACE ALONG WITH A 9-ACRE PARK IN THE CENTER. BUT THE FIRST TASK WILL BE TO REWORK THE SUBGRADE PARKING GARAGE, OR HOLE.
“IT TOOK A TEAM EFFORT FROM OUR DEVELOPMENT SERVICES TEAM, OUR ECONOMIC DEVELOPMENT CORPORATION AND THE NEW DEVELOPER WHO REALLY KIND OF LEANED IN TO GET THIS PROJECT STARTED AGAIN." “I WANTED TO BRING SOMETHING GREAT TO FRISCO. THERE’S A BIG OPPORTUNITY HERE.
WE’D LIKE TO COME BRING A SOLUTION THAT’S GREAT FOR EVERYBODY.” A PERFORMANCE-BASED AGREEMENT FROM THE CITY OF FRISCO, THE FRISCO ECONOMIC DEVELOPMENT CORPORATION AND THE FRISCO COMMUNITY DEVELOPMENT CORPORATION PROVIDES $113 MILLION FOR PHASE 1.
THAT INCLUDES AN UPSCALE GROCERY STORE AND RETAIL.
WE HAVEN’T EVEN SCRATCHED THE SURFACE YET ON WHAT THEY’RE GOING TO BE ABLE TO DO ON THIS PROPERTY.” $103 MILLION OF THE INCENTIVE AGREEMENT WILL BE PAID WITH THE TAX REVENUE GENERATED BY THE PROJECT ITSELF.
JVP HAS STEPPED UP, ACQUIRED THE PROPERTY HAS DILIGENTLY WORKED TOWARDS A NEW PLAN.” 3 ADDITIONAL PHASES WILL COMPLETE THE MIX.
“I WANT TO THANK THE DEVELOPER WHO FROM THE VERY BEGINNING BELIEVED IN FRISCO, BELIEVED IN THE PROJECT, AND HAD A COMMITMENT THAT THEY WANTED TO BE PART OF WHAT MAKES THIS COMMUNITY SPECIAL AND DELIVER A WORLD-CLASS PROJECT. WE’RE GOING TO HOLD YOU TO THAT AND WE CAN’T WAIT TO SEE THE MIX COME TO LIFE.”
* This transcript was compiled from uncorrected Closed Captioning.