The city of Frisco is seeking state incentives as plans advance to create a mixed-use development around Toyota Stadium.
During its Oct. 19 meeting, the Frisco City Council approved a new financial agreement with the project’s hotel developer outlining up to $5 million in city hotel tax grants over 10 years and a waiver of half of the project’s development costs.
“FC Dallas and the Hunt family are terrific partners,” Frisco Mayor Mark Hill said. “This is another example of a strategic partnership that sets Frisco apart from others and will continue to enhance our city for decades to come.”
The details
Hunt Sports Development partnered with Peak Curated Development and Venu Holding Corporation on Sept. 22 to develop a mixed-use district on the east side of Toyota Stadium and Soccer Center.
The district is set to include restaurants, a 250-room hotel and a convention center and is slated for groundbreaking in 2027. The first phase of the planned project will feature an approximately 290-room boutique hotel and more than 40,000 square feet of convention, event and meeting space.
According to a Hunt Sports Development press release, the convention center will feature more than 25,000 square feet of meeting space, including a 15,000-square-foot ballroom that can be divided into smaller rooms or converted into a live entertainment venue for up to 3,000 people.
City officials previously said the mixed-use district accounts for more than $1 billion in private investment and could funnel visitors and revenue into Frisco’s Rail District and support small businesses.
Zooming in
With the approval of the financial agreement with D96 Hotel & CC, the developer can now pursue state tax incentives and receive up to $5 million in city hotel occupancy tax grants over 10 years, along with a 50% development fee waiver for the mixed-use development.
The city will retain the remaining 50% of hotel occupancy tax revenue during the grant period and all revenue afterward. State incentives are limited to funds received by the city, and grant payments depend on the developer meeting performance requirements and generating eligible tax revenue.
City documents state the hotel and convention center are expected to draw more visitors, meetings and events to Toyota Stadium, potentially boosting nearby Rail District businesses by bringing more customers to local restaurants and shops.
One more thing
In September 2024, the city of Frisco, the Frisco Economic Development Corporation and the Frisco Community Development Corporation entered into agreements with the Hunt family extending FC Dallas’ lease for Toyota Stadium through 2057.
The approved agreement builds on the mixed-use development agreements approved in September 2024.
