During a Frisco City Council meeting this month, council members unanimously approved a master development agreement providing a total of $94.5 million in performance incentives to Fields West Development.
The mixed-use project, spanning 49.5 acres south of Fields Parkway and west of Dallas Parkway, will feature Class A office spaces, retail outlets, entertainment venues, restaurants, recreational areas, residential units and open spaces. This master-planned community by renowned developer Fehmi Karahan is projected to be valued at over $660 million.
“Tonight’s vote marks an important decision in our city’s history,” Mayor Jeff Cheney said during the meeting. “Not only will this project maximize the halo effect created by the nearby PGA of America, but it will also amplify Frisco’s brand and reputation as a world-class destination city.”
According to the agreement, the developer is obligated to construct 350,000 square feet of upscale retail and restaurant space, along with 320,000 square feet of Class A office space. Additionally, they must build 1,100 multifamily units without any incentives.
The project also includes two distinctive water features — a linear one and an oval one — enhanced by music and lighting. Additionally, the upscale development will feature eight parking garages, drawing comparisons to Legacy West in Plano, another development by Karahan.
Frisco committed to supporting the project through Tax Increment Reinvestment Zone (TIRZ) #7, which includes $94.5 million in performance incentives. A $7 million separated materials sales tax grant will allocate up to $7 million from sales tax revenues generated by purchases of construction materials and services.
An additional $17.5 million is allocated through the qualified infrastructure grant, covering 50% of the costs for water features and internal streets. The largest portion, $70 million from TIRZ #7, will fund three out of the planned eight parking garages, providing a total of 2,430 spaces.
Debt service for these incentives will be financed by property tax revenues generated by the Fields West development. As Fields West reaches completion and property taxes increase, the reliance on sales tax funding will diminish.
“Fields West will drive Frisco to the top of the list for companies looking to establish new corporate operations in North Texas,” said Jason Dudley, chairman of the Frisco Economic Development Corporation. “The Fields development will transform North Frisco with unmatched amenities, including luxury lifestyle, retail and office products.”
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