Prosper OKs plans for 188-acre mixed-use project
09:28 AM CDT on Thursday, June 26, 2008
The Collin County town of Prosper has approved plans for a 188-acre mixed-use development on the Dallas North Tollway.
Mooreland Development plans to break ground this winter on the retail, hotel, residential and office complex at the northeast and northwest corners of the tollway and State Highway 380.
The $700 million project will be built in phases and patterned after projects such as the West Village in Dallas, Country Club Plaza in Kansas City, and Celebration, Fla., the developers said Wednesday.
The first phase will open in 2010.
The complex will include a 10-acre lake, a public amphitheater and green space.
"I believe it'll be one of the nicest, highest-quality mixed-use developments in North Texas," Prosper Mayor Charles Niswanger said in a news release.
Based in Prosper, Mooreland Development says it has built more than $45 million in residential and commercial sites since 2002. The company, headed by president Michael Beaty, also has two homebuilding units, Castlemark Homes and Marksburg Homes.
Mooreland's project is the second big Prosper mixed-use development to gain approval recently.
In April, Dallas Cowboys owner Jerry Jones completed a tax increment finance agreement with Prosper to build his 500-acre Gates of Prosper town center complex at Preston Road and State Highway 380.
Prosper has grown from a farming community with about 500 residents in 1970 to a population of more than 6,000. The town is expected to be home to more than 90,000 residents by 2030.