Developers Snap Up 35 Acres In Prosper For New Retail Center
More retail and restaurants are coming to the fast-growing North Texas suburb of Prosper.
Dallas-based development firm Urban Heights Real Estate acquired 35 acres at the southwest corner of the Dallas North Tollway and Frontier Parkway with plans to build 282K SF of anchor and small-shop retail space. Pad sites will also be available, according to a news release.
“As the city continues to grow north, this intersection is going to create another major retail corridor in the city of Prosper,” DuWest Realty partner Scott Rodgers said in a statement. Rodgers brokered the transaction and will handle marketing for the development.
Just south of the development, coined Frontier Gateway, the North Texas Tollway Authority is working to extend the DNT by another 14 miles. The project is expected to accommodate the massive influx of residents seen by Collin and Grayson counties in recent years.
In Prosper alone, the population more than tripled to 30,174 in the decade leading up to 2020, according to the U.S. Census Bureau. Nearly 10,000 proposed single-family lots surround the Urban Heights development site, per the release.
The town of Prosper and its economic development corporation have targeted the land facing the DNT extension for a mix of commercial uses that will generate high levels of tax revenue, including offices, restaurants, retail, grocers and entertainment venues.
“We don’t want to have a tollway that stretches through our 3 miles that has nothing but a wall on each side,” Prosper EDC Executive Director Mary Ann Moon told Bisnow in a previous interview. “We want to make certain that whatever is along that tollway supports the vision that we have in the community.”
Across the DNT from Urban Heights’ property is 20 acres owned by H-E-B. The company has not yet confirmed whether it will deliver on the highly desired chain.
Urban Heights is in talks with potential tenants for the development, per the release. Site plans are contingent upon approval by the city, but a groundbreaking is expected in 2024.