Frisco North—a planned 330-acre mixed-use development with Cinemark Theatre as its anchor tenant—does not have a developer anymore.
The original developer pulled out of the project in 2013.
Because Cinemark owns the property for the new theater, it plans to continue the project and will develop the theater, said Marketing Director Bryan Jeffries.
Jeffries said the theater is expected to open sometime in 2017 with construction beginning in 2016.
In 2012, the city of Frisco approved a public/private partnership agreement with Forest City Texas—a subsidiary of Cleveland-based Forest City Enterprises—for the mixed-use development on the southeast corner of US 380 and the Dallas North Tollway.
Forest City wrote-off its $15 million investment in the project in 2013 because Frisco North was no longer a viable project for company, said J.B. Linton, Forest City senior vice president of corporate communications.
“When the recession hit…like all real estate developers, we had to take a hard look at every development opportunity in light of credit market conditions, the state of the retail industry and the overall economic outlook,” Linton said. “Ultimately, Frisco North was a project we decided not to pursue further.”
The Frisco Economic Development Corp. has no new information to give out regarding Frisco North and would not comment any further. The FEDC office did confirm Monday that there is no current developer for the project.
The Frisco North project was expected to include retail, residential, office, entertainment and hospitality components, as well as open space, public parks and other municipal uses.
A sign on the property indicates Frisco North Phase I is set to open in 2015, but no work has been done to the property as of yet.
In July 2013, Cinemark became the first committed tenant, planning a 14-screen theater in the development. This would the second Cinemark Theatre in Frisco. The first is near Frisco City Hall at 5655 Frisco Square Blvd.