Frisco | October 2024

Development

BY ALEX REECE

Plans to turn land around Toyota Stadium into a mixed-use district and renovate the stadium itself are in motion as Frisco looks to provide a better venue for both soccer and non-athletic events. Frisco City Council members approved three agreements during a Sept. 17 meeting that make up a multimillion-dollar, public-private partnership for Toyota Stadium renovations and mixed-use district construction. The stadium, which opened in 2005, has not undergone major upgrades since 2018. The agreement includes: • A reimbursement and performance agreement for stadium improvements • A master development agreement to develop land around Toyota Stadium into a new sports- anchored mixed-use district • A fourth amendment to the stadium’s lease, setting the terms of the renovation reimbursement payments and a project timeline The renovations will take place in phases Toyota Stadium’s $182M renovation to kick off in 2025

Mixed-use district sites

1.2M square feet of Class A office space and a 200 -room hotel Parking structures for events and mixed-use district tenants A 200 -unit multifamily high-rise building with 300,000 square feet of retail and restaurant space

DNT TOLL

Toyota stadium

Pedestrian-friendly civic spaces and urban streetscape improvements

Mixed-use district site

Toyota stadium renovations

MAIN ST.

• Upgraded club spaces and seating • New luxury suites • New broadcast booths and press box areas • New stadium technology and broadcast capabilities • New LED sports lighting and other audio and visual upgrades • New food service commissaries and kitchens • New public restrooms, concessions and retail outlets • New entrance gates at the stadium’s north, east and west sides • New canopy shade structures • Adding over 3,400 seats

throughout 2025-28 to allow FC Dallas games and potential 2026 World Cup programming, according to a Sept. 17 FC Dallas news release. “We’re going to create a sports epicenter right here in Frisco, Texas,” FC Dallas President Dan Hunt said Sept. 17. The improvements will keep the stadium fan- friendly, Hunt said. Additional seats and better suites will also allow the stadium to recruit events such as concerts or host national teams, he said.

SOURCES: CITY OF FRISCO, FC DALLAS/COMMUNITY IMPACT

The details

Diving deeper

The three agreements allocate a $182 million sales tax revenue bond for construction. Costs exceeding $182 million would be the Hunt Sports Group’s responsibility. There will be no effect on residents’ property tax rates, council member Tammy Meinershagen said. The agreements split the district into two phases: • Phase 1A : includes the hotel, multifamily and retail spaces • Phase 1B: includes the office building and parking To receive city funds, Phase 1A must finish by 2035 and Phase 1B must finish by 2037. Stadium renovations must start by Dec. 31, 2025.

renovations and construction will be done in phases, according to a Sept. 17 FC Dallas news release. FC Dallas will host matches at Toyota Stadium throughout the renovation process, according to the release.

Stadium improvement-related construction will take place during and after the 2026 World Cup, which FC Dallas is expected to participate in as a practice facility for traveling teams. The stadium will remain open during

What comes next?

The agreements will keep FC Dallas playing in Frisco until 2057, a three-decade extension of the team’s current contract with Toyota Stadium, said Ken Schmidt, Frisco’s director of special projects.

2037: deadline to finish Phase 1B of the mixed-use district

Sept. 17 2024: agreements approved, money allocated Jan. 6, 2025: earliest that renovations can begin

Paying back the bond

Dec. 31, 2028: deadline to finish stadium improvements

2035: deadline to finish Phase 1A

Frisco Community Development Corporation: 20%

Frisco Tax increment Reinvestment Zone No. 1: 44%

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Hunt Sports Group: 36%

SOURCES: CITY OF FRISCO, FC DALLAS/COMMUNITY IMPACT

FRISCO EDITION