The Frisco City Council recently approved $182 million in renovations for Toyota Stadium, home to the soccer club FC Dallas and a venue for various events.
According to the press release from the City of Frisco, this ambitious plan includes upgrades, including 3,400 additional seats, a shading structure for seating, enhancing club and luxury suites, and adding new, state-of-the-art broadcast booths and press boxes.
Mayor Jeff Cheney expressed his gratitude for the collaboration between the city, the Hunt family, and the Frisco Independent School District (FISD). He emphasized the long-standing public-private partnership that has made the stadium successful within the community.
“This stadium was built more than 20 years ago on an empty field which, at the time, seemed to be in the middle of nowhere. Today, Toyota Stadium is synonymous with championships, marquee events, and youth development leagues not to mention being home to Major League Soccer’s FC Dallas,” Cheney said.
The renovations’ funding will be sourced through various partnerships, including the Frisco Community Development Corporation (FCDC), which will contribute $40 million via sales tax revenue bonds. Additionally, the Hunt family is set to invest up to $65 million and assume responsibility for any cost overruns beyond the $182 million budget.
“We’re proud to reinvest in improvements for Toyota Stadium, which will help keep the venue competitive for years to come,” said Karen Cunningham, chair of the FCDC.
The financial breakdown for the project also includes $77 million from a Tax Increment Reinvestment Zone, which will include the City of Frisco and FISD. The council’s decision also extends the stadium lease by more than 30 years, ensuring that the FC Dallas soccer organization will continue to call Toyota Stadium home for decades.
In addition to the stadium upgrades, the Frisco Economic Development Corporation (FEDC) announced plans for a mixed-use development adjacent to the stadium. According to the city, the first phase, which includes an upscale hotel, retail spaces, and luxury apartments, is expected to attract over $1 billion in private investment.
“This investment highlights our dedication to enhancing Frisco as a top destination for residents, businesses, and tourists, driving sustainable economic growth and enhancing our culture of unrivaled performance in Sports City USA,” said Jason Dudley, chair of the FEDC Board.
FC Dallas President Dan Hunt also expressed excitement about the enhancements, saying, “the new Toyota Stadium will set the standard for modern hospitality and will continue to be a cornerstone of the Frisco community. All of us at FC Dallas are excited for our fans, partners and players to experience this state-of-the-art facility.”
For more information on the overall project, Frisco has published an online presentation titled “Toyota Stadium Lease Amendment, Reimbursement & Performance, and Master Development Agreements.”