Houston developer Preferred Real Estate Investments is planning to start in February construction of office and retail space as well as parking facilities at Frisco’s mixed-use community The Gate.
According to state filings, the anticipated cost to complete the work is a combined $5.35 million.
The 41-acre project has been in the works for several years, with the City of Frisco, the Frisco Economic Development Corporation, and the Frisco Community Development Corporation agreeing to a tax-incentive package in 2020 with Invest Group Overseas of Dubai.
At full build-out, The Gate will include 1 million square feet of office space, plus conference facilities, a fitness center, 50,000 square feet of retail space, a high-end condo tower, a 200-key boutique hotel, and green space between the Dallas North Tollway and John Hickman Parkway.
Construction of the parking lot is expected to be completed in June 2025, according to a Texas Department of Licensing and Regulation filing.
Terry R. Cunningham Architects of Arlington is listed as the design firm.
The Dallas Morning News reported on Friday that the development started in 2014 as part of what was then called “Frisco’s $5 Billion Mile” — a one-mile segment of the Dallas North Tollway that featured the construction of Wade Park and The Star. Frisco officials stopped using the term for marketing purposes about five years ago, opting instead for “Frisco’s North Platinum Corridor.”
In North Texas, Preferred Real Estate Investments owns several properties in Dallas, Plano, Farmers Branch, Richardson, and Lewisville. Terry R. Cunningham Architects’ portfolio includes projects in Arlington, Bedford, Fort Worth, North Richland Hills, Frisco, Mansfield, and Carrollton.
Global firm JLL is responsible for leasing at The Gates.
In nearby Dallas, development projects have seen delays and other issues related to Dallas’ building permit process under City Manager T.C. Broadnax. The City of Dallas is notoriously difficult to build in due to its backlogged permitting process, which contributes to negative growth.
