From the cover
Prosper Arts District aims for 2024 groundbreaking
BY ALEX REECE
The big picture
Prosper Arts District Phases:
Phase 1A Phase 1B Phase 2 Phase 3 Phase 4
The Prosper Arts District will be built through four phases over ve years, Capitalize Ventures developer Krishna Nimmagadda said. Capitalize Ventures is partnering with architecture and design rm Gensler to build the $300 million development. Nimmagadda said the rst phase will include water features, walking paths, a parking garage and a retail village. Phase 1 will be built from 2024-27. Phase 1 will also introduce a sports- focused hotel, the rst of three onsite hotels. “We want to start before the end of this year for [Phase 1A] and [have it] go online in 2026,” he said. As part of an “arts district,” the retail village will feature boutique businesses, not chains, Nimmagadda said. The district will also have at least 24 art installations, Gensler Principal Barry Hand said. Focusing on smaller, unique stores will elevate Prosper’s existing retailers, said Becky Morris, owner of Lily Claire, a boutique in downtown Prosper. “Anytime there’s new retail, I feel like it’s going to draw more people in general because when you’re looking for a cute little boutique you’re also [looking at] what’s around it,” Morris said.
Categories:
Multifamily housing Parking Garage
Retail O ce Hotel
SOURCES: CAPITALIZE VENTURES, GENSLER COMMUNITY IMPACT
WATER FEATURE
PROSPER TRL.
N
What it means
Zooming out
Stay tuned
Nimmagadda said he expects the Prosper Arts District to bring in more than $1 billion of local spending to the region. “It’s at least 400 jobs and a $1 billion impact as we bring up these hotels, retail and the construction jobs that will come up in the next ve years,” he said. Multifamily residences, which will be built in the second phase of construction, can also create an “economic engine” for mixed-use developments because their potential customers are already there, Hoover said.
Nimmagadda said he chose Prosper for the development because of its a uent sta- tus and small-town feel. The development’s Dallas North Tollway location will also bene t from its proximity to Frisco, which has multiple high-level developments of its own being built, he said. Nimmagadda said while the development and Prosper itself will be enough to draw people in, the hotels are in a convenient spot for anyone traveling in the metroplex. “We felt we could not go wrong with this location,” Nimmagadda said.
More information about the development will be announced closer to a tentative late 2024 groundbreaking, Nimmagadda said. “I’m excited ... that [the district] is going to be a destination shopping experience that I think people that live in Dallas will want to come to,” Morris said. “And with the hotels, it’ll be something that attracts people from out of town, so that’s just a win-win.”
October 2023: preliminary project presentation to town o cials June 2024: project approved by council Late 2024: Phase 1A start
2023
2024
A quick look at the Prosper Arts District:
“There is no shortage of large scale, aspirational mixed-use projects being planned for the growth in North Texas. [The Prosper Arts District] will deliver a di erent experience.” BARRY HAND, GENSLER PRINCIPAL
2025
3 hotel concepts
515 multifamily units
2026
Mid-2026: Phase 1a nish 2027: Phase 1b nish
2027
35 acres
$300M cost
SOURCES: CAPITALIZE VENTURES, GENSLER COMMUNITY IMPACT
SOURCES: CAPITALIZE VENTURES, GENSLER COMMUNITY IMPACT
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