Frisco City Council approved a master development agreement Dec. 3 for FHC Acquisitions LLC to purchase the project from The Gate’s developers and construct the hotel and condo.
FHC plans to construct a 225-room hotel and a 150-unit condominium complex as well as 15,000 square feet of meeting space and 16,000 square feet of retail and restaurant space, according to city documents.
The project is required to be complete by the end of 2024, per the agreement.
The master development agreement also includes a $14.5 million incentive program over the life of the project that includes sales and property tax reimbursement grants.
The Frisco Community Development Corp. and the Frisco Economic Development Corp. will also vote on the agreement later this month.
The Gate, a 41-acre development on the northwest corner of John Hickman Parkway and the Dallas North Tollway, already has apartments and is planned to include offices and retail.