Three partners have joined to develop the 242-acre piece of property that surrounds the future multiuse event center and Dallas Cowboys headquarters, according to the Frisco Economic Development Corp.

Longtime Frisco landowners Rudman Partnership, along with Hillwood Properties and VanTrust Real Estate, are taking on the project—known as Frisco Station—that is to include more than 4 million square feet of office and corporate space and 2,400 multifamily homes as well as restaurants, entertainment venues, medical facilities and open space for public events.

Hillwood Properties is the master developer for the property, which surrounds the Cowboys development on all sides except to the west.

Initial construction is expected to begin in 2015.

Frisco Station adds to Frisco's "$5 billion mile," as coined by the EDC.