"If this proceeds the way that we're headed right now, I think this will wind up being one of the better developments that I've had the opportunity to be associated with," he said.
Located at the northwest corner of Prosper Trail and Dallas Parkway, the 35-acre development was approved 5-1 by Prosper Town Council members during a June 11 meeting. Construction is expected to start before the end of 2024 and, when finished, will establish itself as a new regional destination.
"I'm really looking forward to it," Hoover said.
The big picture
The Prosper Arts District will be built through four phases over five years, Capitalize Ventures developer Krishna Nimmagadda said. Capitalize Ventures is partnering with architecture and design Firm Gensler to build the $300 million development.
Nimmagadda said the first phase will include water features, walking paths, a parking garage and a retail village. Phase 1 will be built from 2024-27. Phase 1 will also introduce a sports focused hotel, the first of three onsite hotels.
“We want to start before the end of this year for [Phase 1A] and [have it] go online in 2026,” he said.
As part of an “arts district,” the retail village will feature boutique businesses, not chains, Nimmagadda said. The district will also have at least 24 art installations, Gensler Principal Barry Hand said.
Focusing on smaller, unique stores will elevate Prosper’s existing retailers, said Becky Morris, owner of Lily Claire, a boutique in downtown Prosper.
“Anytime there’s new retail, I feel like it’s going to draw more people in general because when you’re looking for a cute little boutique you’re also [looking at] what’s around it,” Morris said.
What it means
Nimmagadda said he expects the Prosper Arts District to bring in more than $1 billion of local spending to the region.
“It’s at least 400 jobs and a $1 billion impact as we bring up these hotels, retail and the construction jobs that will come up in the next ve years,” he said.
Multifamily residences, which will be built in the second phase of construction, can also create an “economic engine” for mixed-use developments because their potential customers are already there, Hoover said.
Here is a quick look at what will be included in the Prosper Arts District:
- 3 hotel concepts
- 35 acres of space
- 515 multifamily units
- $300 million total cost
Zooming out
Nimmagadda said he chose Prosper for the development because of its affluent status and small-town feel. The development’s Dallas North Tollway location will also benefit from its proximity to Frisco, which has multiple high-level developments of its own being built, he said.
Nimmagadda said while the development and Prosper itself will be enough to draw people in, the hotels are in a convenient spot for anyone traveling in the metroplex.
“We felt we could not go wrong with this location,” Nimmagadda said.
What they're saying
“There is no shortage of large scale, aspirational mixed-use projects being planned for the growth in North Texas. [The Prosper Arts District] will deliver a different experience," Gensler Principal Barry Hand said.
Stay tuned
More information about the development will be announced closer to a tentative late 2024 groundbreaking, Nimmagadda said.
- October 2023: preliminary project presentation to Prosper town officials
- June 2024: project approved by council members
- Late 2024: Phase 1A projected start
- Mid-2026: Phase 1A finishes
- 2027: Phase 1B finishes
“I’m excited ... that [the district] is going to be a destination shopping experience that I think people that live in Dallas will want to come to,” Morris said. “And with the hotels, it’ll be something that attracts people from out of town, so that’s just a win-win.”
