Prosper’s retail footprint will continue to grow through the development’s future phases, said Fallon O’Neill, Blue Star Land’s senior marketing manager.
“Phase 3 is starting to be the gateway to the town,” O’Neill said.
Phase 3 construction started mid 2024, said Mary Ann Moon, Prosper Economic Development Corporation’s executive director.
Phase 1 goes back to 2007 with the developers’ first permits, Prosper Development Services Director David Hoover said.
“What The Gates has in Prosper is really pretty unique as far as the size, type and the quality of a development like that,” Hoover said. “That’s a good thing for the residents here because the town benefits from that.”
A closer look
The development brings in revenue as well.
The revenue comes in through the property taxes, sales tax and other ancillary spinoffs, which includes people who come to town to work.
“The town gets a fair amount of revenue from [The Gates],” Hoover said.
The Gates contributes to the general town’s sales tax, which is then distributed three ways. It can go into the general sales tax revenue, the special purpose district revenue, or the EDC revenue. The special purpose district revenue directly contributes to Prosper’s police and fire departments.
The Gates, which is a tax increment reinvestment zone, allows people who don’t live in Prosper to spend their money in town and that money goes into the town’s sales tax, Hoover said.
“Sales tax is really a community’s best friend,” Hoover said.
Looking ahead
Phase 3 construction is expected to wrap later this year, O’Neill said.
Phase 4 details and its construction timeline have not been announced as of this edition’s press deadline, but O’Neill said it will act as a town center with retail, regional restaurants, national chains, parks and more events.
“This next phase is really going to be focused on building community,” she said.
Prosper has always had a small-town atmosphere and the next phase of development is going to focus on that, O’Neill said.
“We want to continue to evolve with the community,” O’Neill said.
