'$5 billion mile' reshaping the tollway landscape

What started as major growth around the Dallas North Tollway and SH 121 around 2000 is now exploding north—partly in the form of what the Frisco Economic Development Corp. has billed the "$5 billion mile."

Since August 2013 four major projects adding up to about $5.4 billion in investment have been announced in a less than 1-mile span on the DNT that stretches from Warren Parkway to Lebanon Road—The Star in Frisco, Wade Park, The Gate and Frisco Station.

"The build-out of these four projects within a 1-mile distance on the DNT will result in greater and more significant development than what was probably ever imagined would occur in Frisco," Frisco EDC President Jim Gandy said. "We couldn't ever imagine these four projects to be happening at the same time in that length of time."

Gandy said based on current parameters the four developments have the potential to bring in a total of $25 million in tax revenue annually at build-out, after any economic incentive agreements expire. The $5 billion mile is projected to bring in as many as 48,000 jobs to Frisco by build-out—jobs in different areas ranging from the businesses leasing office space to restaurants, hotels and retail.

"When you start looking at some of those numbers, it puts into some real perspective how incredible these four announcements together could represent Frisco's future," Gandy said.

The '$5 billion mile', however, is one of many other projects—from office buildings to hotels—that are shaping the tollway.

"Frisco is the hottest real estate in the DFW area," Gandy said.

Gandy said that although other projects already in the works are not necessarily a direct result of the '$5 billion mile' projects, they are most likely boosted by them. He said the EDC anticipates seeing more announcements in 2015 from both within the '$5 billion mile' and elsewhere regarding the "tremendous amount of future development along the DNT corridor."

Frisco City Councilman Bob Allen said the city has been planning for this type of development for a long time.

"What we are seeing now in Frisco is special," Allen said. "Don't take it for granted—it's not always this way. Take advantage of it now. People will come back and say, 'I remember when.'"

Gandy said concerns about building so much at one time are tempered by the fact that although several of the projects may start at the same time, when the developments are built out will be determined not only by the size of each project, but by market demand.

"If developers [build according to market demand] it would be anticipated that [the developments] would not be overbuilt," Gandy said. "It is hard to say how many years it will take projects to build out—some will be faster than others—but as a whole we think will be somewhere along the 15-20-year range."