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Frisco OKs 122 Million In Incentives For Wade Park
Dated: January 20 2015
Frisco OKs $122 million in incentives for Wade Park
The Frisco City Council approved more than $122 million in incentives on Monday for the Wade Park mixed-use development planned along the Dallas North Tollway.
Thomas Land & Development’s upscale $1.6 billion project is northeast of the Dallas Cowboys headquarters and multiuse event center now under construction. Both projects are among the new massive developments planned along the tollway that make up what the city has dubbed the $5 Billion Mile.
The incentives for Wade Park include sales and ad valorem tax grants by the city. They also include infrastructure improvements that will be paid through the Frisco Economic Development Corporation and the Frisco Community Development Corporation.
Both entities are funded through the city’s sales tax revenue. The incentives will be paid between 2017 and 2041.
In a 4-0 vote, the Frisco CDC board approved the master development agreement outlining the specifics at a special meeting Monday. The Frisco EDC will consider the agreement at its meeting Wednesday.
“It’s going to be a jewel when all the pieces come together,” Frisco Mayor Maher Maso said.
Maso said the incentive amount is typical for a project of this size and is based on the project’s value to the city and the jobs it will create. As with all incentive projects, he said, “we expect whatever we invest in it in incentives are returned significantly higher.”
The agreement is set up so that the incentives are paid as reimbursements from the city once the money is generated by the project.
“The project wouldn’t be able to be done without it,” said Stan Thomas, president and chief executive officer of Thomas Land & Development.
The City Council voted 5-0 in favor of the incentives. Council member Scott Johnson did not vote because of a conflict of interest.
For its part of the agreement, Wade Park must build at least 550,000 square feet of retail, restaurant, hotel and entertainment uses before Dec. 31, 2017. It must build at least one Class A office building — one built for premier office users with rents that are above the area’s average — with at least 16 stories by the same date.
It must also use structured parking or podium parking for at least 75 percent of the commercial uses. Podium parking is built to support some other structure, such as an office building, above it. And it must build a walkable development with restaurants offering indoor and outdoor patio dining and water features.
“The project we’re developing is truly mixed use,” Thomas said Monday.
The project gets its name from the Wade family who first bought that land along Lebanon Road more than a century ago.
Grading at the site is continuing. Building construction is scheduled to start in late April or early May for the first phase, which will encompass about 110 acres of the 175-acre development.
Thomas said tenant leasing is ongoing as plans continue to take shape. Several new tenants are expected to be announced in the coming weeks as agreements are finalized.
“We’ve been so blessed by the number of tenants that want to be in the project,” Thomas said.
Tenants already announced in Wade Park are Hotel ZaZa, Whole Foods, iPic Theaters and Pinstripes Bowling, Bocce and Bistro.
Whole Foods is scheduled to open Sept. 16, 2016, and the rest of the first phase will have a grand opening in late October or early November 2016, Thomas said.
“We’re trying to open up as much of it all together as we can,” Thomas said.
“We’re pretty excited, to say the least.”
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