Frisco Economic Development Corp. board of directors approved a master development agreement for The Gate during its July 20 meeting.

The agreement calls for the development to have several structures—including restaurant, retail, hotel and Class A office space—in place before 2021.

The Gate is a 41-acre mixed-use development near the southwest corner of Lebanon Road and the Dallas North Tollway. The development is not yet under construction.

Under the agreement, a majority of the parking for commercial uses and multifamily living must be structured parking. Podium parking is also an option for commercial uses.

At least 150,000 square feet of retail, entertainment, hotel and restaurant space must be in place by Dec. 31, 2020, under the agreement. In addition, 200,000 square feet of Class A office space must also be in place by Dec. 31, 2020.

The development is expected to be constructed as a walkable area with indoor and outdoor dining and outdoor water features.

The maximum grant amount for the project from the city, the FEDC and the Frisco Community Development Corp. totals $103 million.

The city approved the agreement during its June 21 meeting. The FCDC is set to approve the agreement during its July 21 meeting.