The City of Frisco has approved 10 million dollars in incentives for the development of a new office park.
At the State Highway 121 and Spring Creek Parkway intersection, Dallas-based Crow Holdings intends to construct a new complex called SouthStone Yards. Four office buildings totaling around 1.1 million square feet will be situated on the 45-acre office campus. The first structure is scheduled to open in the year 2024.
To ensure the office park project’s success, Frisco offered financial incentives that could add up to $10 million over the following eight years. Under the terms of the deal that was overwhelmingly accepted by the city council of Frisco, the project would be eligible for infrastructure funds and reductions in sales taxes.
At the Tuesday night city council meeting, Frisco Economic Development Corp. Vice President Gloria Salinas said that Crow Holdings intended to build four Class A office skyscrapers in Frisco. “Two buildings would be 230,000 square feet each, and the other two would be 325,000 square feet each. The project will be developed over four phases from 2024 to 2030.”
Salinas stated before the council that Frisco requires the buildings despite the city presently having multiple office complexes under development. She emphasized that “much-needed office space will be brought in to help cover the needs of our extremely full pipeline of prospects” with the completion of this project.
The city is seeing demand which needs prompt fulfilling, Salinas claims. “Today, we are averaging about 2 million square feet for relocated and expansion office projects in the city.”
Some of that demand may be met with SouthStone Yards. The Frisco Development Corp. is assisting Crow’s pitch to significant potential tenants for the facilities.
The first structure in SouthStone Yards will employ a novel architectural design for the Dallas-Fort Worth area, featuring speculative mass timber construction. Commercial buildings with wood timber structures are gaining popularity among developers because of their lower cost and environmental impact compared to conventional buildings. Officials in Frisco have estimated it will cost approximately $60 million to construct each SouthStone Yards office tower.
The architect Gensler will design Crow Holding’s new office building. According to planning documents submitted to the state, project construction is scheduled to get underway as soon as this summer.
According to Michael Levy, CEO of Crow Holdings, “When you go across America, you see great cities that are dying because the businesses aren’t successful; a downward spiral.”
He continued, “It [should not] matter if you’re in Plano, or Frisco, or in the middle of Dallas or Fort Worth. Mid-cities should be the same. It should be an equal opportunity and a place where we can build, grow, and be successful.”
Mayor Jeff Cheney of Frisco said, “It’s nice that this project is moving forward in a location critical to the city of Frisco.”