On Sept. 21, Frisco City Council will consider approving a more than $19 million land sale to Alterra Capital Management. Alterra would acquire 14.6 acres of land just south of Dr Pepper Ballpark, which is commonly known as Pennant Park, city documents said.
The deal would require Alterra to design and construct a 320,000-square-foot office building and a parking garage with a minimum of 1,200 spaces. The company would also have to build a “food/beverage/entertainment center” on 1.25 acres, which would include 23,000 square feet of climate-conditioned space and an additional 21,000 square feet of activity space.
The proposed contract only requires one office building and entertainment center. However, the city also anticipates Alterra to eventually add two additional high-rise office buildings totaling more than 500,000 square feet, supplementary dining and retail, and a business-class hotel, the documents read.
Most of the property is currently a surface parking lot for the Frisco RoughRiders during game days and other events. As part of Frisco’s lease of Riders Field to the Frisco RoughRiders, the city provides use of the parking lot to the team.
The contract would require Alterra to preserve 750 event parking spaces and 50 full-time parking spaces within the future parking garages at the property at full development.
Frisco and the city’s community development corporation, or CDC, purchased the land in 2013 for a total of $6.5 million. Half of the original purchase was funded by the CDC, and the other half was funded by the city. No bond funds were used in the purchase of the property, according to the city.
Frisco City Council will meet in public session around 6:30 p.m. at the George A. Purefoy Municipal Center, 6101 Frisco Square Blvd.