Frisco officials on June 1 entered into an agreement between fellow public entities and developer Craig Hall for the construction of several facilities at Hall Park, including a performing arts center, a parking garage and a roughly 5-acre park.
Fellow public partners of the city include Frisco ISD, the Frisco Community Development Corporation and the Frisco Economic Development Corporation. Development from this agreement includes a $66 million performing arts center with at least 1,250 seats in a main performance hall, and at least 250 seats in a community venue, according to a memo prepared for Frisco City Council by city staff.
FEDC President Ron Patterson praised the years-long effort to bring a performing arts center to Frisco and mentioned that specific funding amounts could change, but the approved plan will be a guiding starting point.
“I know that the city has long awaited the opportunity for a Performing Arts Center,” Patterson said. “And this is very exciting.”
The performing arts center and parking garage will be publicly-owned, according to the agreement. The facility will be designed to hold multi-purpose events for entertainment, as well as educational and recreational uses.
In addition, a $33 million, 1,100-stall parking garage will support the performing arts center and a $30 million, roughly 5-acre public park similar to Klyde Warren Park in Dallas, the memo states.
Funds for these projects come from approved municipal bonds and Hall. Below is a breakdown of how the parties will fund the facilities as part of a “master development agreement”:
Performing arts center
The city is paying at least $13 million for the design and construction of the performing arts center’s community venue and common areas, according to the agreement.
FISD will provide $43 million for the design and construction of the center’s main performance hall and common areas. The FISD school board will need to approve the agreement on a future date, said Assistant Director of Communications Meghan Cone.
Hall will contribute $10 million toward the construction of the performing arts center and dedicate 5 acres for it and its associated garage.
The city and/or FCDC will provide $33 million for the development of the parking garage.
The city is contributing $15 million for partial funding of the park, with an additional $15 million from Hall, according to the agreement.
Hall is set to give the park land to the city once construction is complete.
The FEDC, while not part of the master development agreement, will provide up to $5 million toward redevelopment of a portion of Hall Park for two buildings, according to the memo. One facility will contain a 15-story office building, hotel space and a parking garage. The second will be a luxury high-rise residential building with a parking garage.
The public entities in the agreement must consult design professionals and an architectural firm before Jan. 1, the agreement says. Construction on the 5-acre park will begin later this year, said Hall Group President Donald Braun.
Mayor Jeff Cheney described the intentional combination of sports and arts with the performing arts center’s close proximity to Ford Center at The Star.
“It’s our secret formula: public-private partnerships. It’s tried and true here in Frisco,” Cheney said. “Dare I say, Frisco is the master if not in the state, then maybe the entire country as far as putting public-private partnerships together.”
Miranda Jaimes contributed to this report.