A 35-acre mixed-use development is headed for Prosper following zoning approval by its town council last week.

Prosper Arts District, developed by Krishna Nimmagadda of Capitalize Ventures and designed by Gensler, will be at the northwest corner of the Dallas North Tollway and Prosper Trail. It will feature three district hotel concepts, 515 multifamily units, an extensive retail village and green space, according to a news release.

“Our goal was to honor Prosper's rich agrarian history, reflecting its early 1900s origins and the legacy of its people and businesses,” Gensler principal Barry Hand said in a statement. “By integrating local architectural elements with Capitalize Ventures' visionary approach, we aim to redefine mixed-use living and community engagement in North Texas.”

Construction on the four-phase development will kick off later this year. The first phase is expected to take about two years to complete and will include infrastructure, a sports-focused hotel, a parking garage and retail.

PEOPLE

Dallas-based Remington Hospitality promoted Ted Peters to senior vice president of beverage and food. Peters has spearheaded these efforts for the last two years. In his new role, Peters will continue to drive innovation to advance the company’s beverage and food strategy, the company said.

LEASES

Alpha Insulation & Waterproofing renewed a 25K SF warehouse lease at Creekview 121, Building 4, 301 Leora Lane in Lewisville. Joe Santaularia, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the tenant. Bob Hagewood and Eric Crutchfield of Stream Realty Partners represented the landlord, EastGroup Properties.

SALES

PHP Capital Partners acquired Freeport 7, a single-tenant light industrial property at 9150 N. Royal Lane in Irving. The price wasn't disclosed. The 56K SF property is 100% leased to Inspire Event Solutions.

CONSTRUCTION AND DEVELOPMENT

A 105K SF facility that will be used to prefabricate modular infrastructure for data centers opened last week in Red Oak. The project is the result of a partnership between Schneider Electric and Compass Datacenters and is intended to address the fast-growing demand for data centers. It is expected to create 200 jobs.