During Tuesday’s regular meeting, Frisco City Council approved an incentive agreement for an office building at The Railhead, a mixed-use development on the west side of the Dallas North Tollway, just south of Wakeland High School.

The City Council approved this development last fall, and it will include office, retail, restaurant, hotel and urban living focused around a central park in the heart of the development.

The office building the council voted on will be a 10-story Class A building with a minimum of 250,000 square feet of leasable space with a four-level parking garage. The garage will have between 1,052 and 1,302 parking spaces.

The project is anticipated to cost $60 million and will be the first office tower north of Main Street. According to city staff, the office project will increase the taxable value of the property and enhance economic development in the area.

The agreement will start Jan. 1, 2021, and the term of the agreement is 25 years. Over that time period, the city will pay a total of $10.5 million in rebates of ad valorem taxes and sales tax reimbursements, according to the agreement.

To read the agreement click here.