Wilks Development is set to break ground this month on the $550 million first phase of Firefly Park, a 242-acre mixed-use master-planned community in Frisco, Texas. Construction on Phase One is expected to be completed by mid-2027.

A rendering of the town square planned for Firefly Park in Frisco, Texas.
A rendering of the town square planned for Firefly Park in Frisco, Texas. Image courtesy of Wilks Development

The Fort Worth, Texas,-based real estate and development company signed a development agreement with Frisco Economic Development Corp. to launch the first phase of the project located at the intersection of US 380 and Dallas North Tollway along PGA Parkway.

Wilks Development owns 159 acres at the project site and Frisco EDC owns 59 acres. Firefly Park will be located at one of the most prominent gateways to the neighboring PGA of America headquarters and Omni PGA Frisco Resort.

At full build-out, the development will feature 3 million square feet of Class A office space, 400,000 square feet of upscale retail, dining and entertainment along with 1,200 hotel guestrooms, 230 townhomes and 1,970 mid-rise and high-rise residential units. The development will also include a 45-acre park and open space featuring a chain of lakes, an illuminated and immersive outdoor art walk, miles of hike and bike trails, fountain views and playgrounds.

READ ALSO: Can Adaptive Reuse Revitalize US Cities?

Under the development agreement, the 200-key Dream Hotel must be built in Phase One along with 650,000 square feet of Class A office space, dining and shopping and the 45-acre park.

Plans also call for a wedding chapel, event lawn and amphitheater that will be fully programmed and activated throughout the year. The amenities are expected to create a lifestyle and recreation destination for tenants, residents and tourists in Frisco.

Phase Two will likely include additional commercial space but the Wilks Development team will determine the specifics based on projected economic demands over the next few years.

Public-private partnership

Frisco EDC and Frisco North Development LLC, a subsidiary of Wilks Development, will collaborate to construct the initial public infrastructure for Firefly Park including streets and roads, medians, driveways, turn lanes, fire lanes, water lines, wastewater mains, drainage, electric utilities, gas utilities and telecom/fiber networks.

Mahard Parkway will 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.

Wilks Development acquired the land in 2015 with modest development plans for the site. Those plans changed once the PGA of America announced in 2018 it was moving from Florida’s Palm Beach County to Frisco. Frisco EDC calls it the “PGA halo effect” and notes the infrastructure partnership will create ready-to-build sites to help attract major headquarters to Frisco.

The golfers’ association built a 100,000-square-foot headquarters at a 600-acre mixed-use site that is part of the 2,500-acre Fields mixed-use, master-planned development. The PGA’s partners in the $520 million public-private investment included Omni Stillwater Woods, a joint venture led by Omni Hotels & Resorts with Stillwater Capital and Woods Capital; the city of Frisco, including the Frisco EDC and Community Development Corp.; and the Frisco Independent School District.

Source link