A major mixed-use project in Frisco that includes plans for a $400 million Vegas-style hotel in the 80-acre development is now selling tracts priced between $1.2 to $2.6 million per acre.
The Frisco Railhead project, located just off the Dallas North Tollway, will include multifamily housing, retail and office space, restaurants, and entertainment. Infrastructure for the project, such as roads, sewers, electrical connections, and water mains, has recently been completed.
So far, four developers have purchased land within the Frisco Railhead division.
Dallas-based JPI, an apartment complex developer, purchased 25 acres in 2021 within the development for the construction of multifamily housing, breaking ground in 2022. The first phase of the multifamily housing development is a 453-unit apartment complex known as Jefferson Railhead. Phase 1 is nearing completion and some units have already been leased. Prices range from $1,479 for a 570-square-foot apartment up to 1,700-square-foot units that will run around $3,337 per month.
Phase 2, known as Jefferson Parkhouse is also nearing completion, adding another 450 units to the offerings. A third apartment complex with 377 units is currently in the design phase and is expected to begin construction in 2026. The three-phase housing development will also include two acres of green space.
“[If you can] deliver apartments first, it makes the rest of the retail, office, and hotel development much more attractive because now you’ve got the infrastructure already in and you have this apartment community that’s there and thriving,” said Aaron Douthit, JPI’s vice president of development.
Another parcel of land was sold to Jordan Wallace of Wallace Developers. Wallace has proposed a 16-story hotel and retail space project that was approved by the Frisco Planning Commission on February 12. Construction is expected to be completed in 2026.
Heady Investments, the firm selling the Frisco Railhead tracts to developers, said that another developer is making plans for a 32-story Las Vegas-style hotel, but declined to give further details on the deal.
Approximately 36,000 square feet of retail space has already been pre-leased and will house a cryotherapy clinic, a boutique salon, and a nightclub with a sushi restaurant, among other businesses.
The mixed-use development will also include 1.5 million square feet of office space spread across 18 acres. Sayres Heady, Vice President of Heady Investments, said that a major corporation is in discussion to move its headquarters to the new development and will require an office space of at least 120,000 square feet.
Other plans for Frisco Railhead include a 500-car parking garage with a roof-top movie theater, a daycare, a fitness center, and a 5-acre park with space for food trucks, an amphitheater, and high-speed internet access.
“While we don’t have a crystal ball, we will certainly be done in less than a decade,” Sayres Heady said. “The sites are zoned, and developer ready. We have been getting phenomenal interest from all over the world, from professional sports teams to art installations from New York [to] Los Angeles.”
Frisco Railhead is the latest in a string of high-end developments in the Frisco region.
“Frisco is a searing hot market, and everyone seems like they want to be here now,” Heady said, per WFAA. “Having Lifetime and H-E-B to the south, FC Dallas across the street, and Universal about to break ground just northeast of us, we believe that we are in the very center of the action.”