Prosper Town Council members approved a memorandum of understanding, which is a non-binding document, for various US 380 construction projects ahead of the Costco development’s opening during a Dec. 10 meeting.
Council members during the meeting also approved a change order to add the Costco improvements to the overall US 380 construction currently being done by the Texas Department of Transportation to widen the roadway.
The memorandum of understanding was between the Costco Wholesale Corporation, the town of Prosper and WestSide Prosper LLC, a company relative to the Costco-specific US 380 construction projects. The document outlines the obligations of the three members related to the construction of the improvements, according to a statement included in the Dec. 10 meeting documents.
The projects
Construction will be split between three projects:
- Building three deceleration lanes on US 380
- Various improvements on the northern portion the of FM 1385 intersection and westbound US 380 lanes adjacent to Costco
- Building a left turn lane and hooded median opening on US 380 at the Costco’s main driveway
Here is where that money will come from, according to the documents:
- $199,686 paid by 1385 & 380 Investments LP to the town through an existing escrow agreement
- $222,502 paid by WestSide Prosper LLC through a town of Prosper water impact fee reimbursement agreement
- $193,619 paid by Costco through Prosper’s roadway impact fees
- $732,873 in remaining funds paid by Costco
In case you missed it
Plans to build a Costco in Prosper have been in the works for most of 2024. A permit for the new store on the Texas Department of Regulation and Licensing website estimated construction on the $17.5 million warehouse would start and finish between March-October 2024.
As of Dec. 11, the Costco website lists a March 2025 opening date for the Prosper location, which will be on a site at the northeast corner of University Drive and FM 1385.
