Courtesy Investment Group Overse$700 million mixed-use project could be underway in spring
A new $700 million mixed-use project is brewing off the Dallas North Tollway, and it could be just the beginning of more foreign investment in Frisco, Economic Development Director Jim Gandy said.
Dubai-based Invest Group Overseas in late September bought 41-acres with the intention of building a luxury development on the northwest corner of the Dallas North Tollway and the future John Hickman Parkway.
Preliminary plans for The Gate include more than 2.3 million square feet of construction including high-rise condominiums, a boutique hotel, Class A office space, and destination retail and dining experiences.
"True to its name, The Gate is conceived to be a gateway to the bustling corridor along the Dallas North Tollway in Frisco," IGO CEO Dr. Anaz Kozbari, said in a released statement. "The development will offer a refreshing take on the live-work- play environment in one of America's fastest-growing cities. When completed, it is poised to be a hub of opportunity for the businesses and residents who will make The Gate their address of choice."
Construction on The Gate, which is the first U.S. investment for IGO, could begin as early as spring 2015, with summer 2019 as the target date for build-out of the development.
"We're excited about the opportunity," Gandy said. "The concept plan is still subject to review and approval by the city, so it might be tweaked a bit. We are looking forward to getting started. This is a great project and addition to the community and will offer some things Frisco currently does not have."
Pitching Frisco
A delegation from Frisco, including Gandy and Mayor Maher Maso, made the trip to Dubai for the official announcement, which was made at Dubai's Cityscape Global—one of the largest international real estate and investment events in the world.
Maso and Gandy made presentations at the three-day event about the Texas business climate and the opportunities for investment in Frisco as well as the role the EDC plays in working with businesses.
A Frisco representative also spoke about the EB-5 visa program, which helps potential investors receive green cards for themselves and their families.
Gandy said he thinks the trip could potentially lead to more foreign investment. Both the EDC and IGO have received interest from potential investors about The Gate and Frisco,
he said.
Although the exact amount of foreign investment in Frisco is not known, Gandy said he is aware of at least one other foreign investor that owns land in Frisco.
No announcement about plans for that land have yet been announced, but Gandy said it could come at some point in the near future.
Gandy said the EDC has been in talks with IGO since September 2012.
"These relationships don't happen overnight," Gandy said. "It's a process to go through—getting acquainted, establishing relationships."
Gandy said IGO went through a major research process after deciding it wanted to invest in its first development in the U.S. The company narrowed its search to Texas, then to the Dallas-Fort Worth area, then to Frisco.
The Gate will be constructed close to several other major projects along the DNT—the Dallas Cowboys multiuse event center and headquarters, Wade Park and a Texas Scottish Rite Hospital for Children campus.
Construction on the Dallas Cowboys and Wade Park projects have already begun. Construction on the TSRHC branch could be underway in the spring once plans are submitted to the city.
