Keurig Dr Pepper announced Feb. 21 that it will relocate its Texas headquarters from Plano to a new 350,000-square-foot build-to-suit facility at The Star in Frisco.
The new location will be ready in 2021 and will serve as one of the company’s two headquarters. The other location is in Burlington, Massachusetts.
Frisco City Council voted Feb. 19 to sell the 2.49-acre plot of land where this new building will be built. Blue Star Land will purchase the land for nearly $600,000 and build the corporate office building. Construction will begin by August.
“We are excited to upgrade our Texas co-headquarters location to support the needs of our vibrant business, including enhanced technology capabilities and space to increase collaboration,” Bob Gamgort, chairman and CEO of Keurig Dr Pepper, said in a news release.
Keurig Dr Pepper’s decision to move to Frisco is a big win for the city, Ron Patterson, president of the Frisco Economic Development Corp., said in the release.
“This move will drive job growth opportunities, as well as create interest from other corporations across the nation seeking to expand and relocate their operations,” Patterson said in the release. “As more companies move to Frisco, our residents and business community will continue to benefit.”
During the Feb. 19 meeting, Patterson told the council the estimated value on the building will be approximately $190 million. Patterson also said the EDC is also looking at additional business personal property of about $40 million.
“Having this Fortune 500 company located in Frisco will continue to strengthen the city’s position as one of the top corporate relocation destination in the United States,” Frisco Mayor Jeff Cheney said in the release. “With this move, Keurig Dr Pepper will have a direct impact on our city’s corporate landscape for many years to come.”