Catherine Ross, NBC 5 Collin County Reporter
Frisco announced a huge partnership that will bring business to the U.S. Highway 380 corridor just off the Dallas North Tollway.
Frisco city leaders hope turn the U.S. Route 380 corridor just off the Dallas North Tollway into the next Stonebriar Centre.
Earlier this week, the City Council voted to approve a public-private partnership agreement with Forest City Enterprises for the long-term development of 320 acres at the southwest corner of the Dallas North Tollway and U.S. 380.
The U.S. 380 corridor runs the border between Frisco and Prosper.
The Frisco North development will be a mixed-use project with residential and office space, as well as areas for entertainment and hospitality, public parks and municipal building space.
Frisco North will also be home to retail space with large anchor stores.
"We're just getting started along 380," Mayor Pro Tem Jeff Cheney said. "Really, we've been waiting for the growth to catch up to that area."
Cheney said the vision for the area is similar to the development that happened around State Highway 121 when Stonebriar Centre was built.
"Frisco is already in the top 15 in the state of sales tax revenue, and we hope this will jump us up even further," he said.
The city is also offering incentives for the project.
The Economic Development and Community Development Corporations will reimburse infrastructure costs up to $22.3 million.
The money will come from the development's sales tax collections. The city will then reimburse half of its 1 percent in sales tax collections from the project for 25 years.
The Frisco site sits just across U.S. 380 from a Prosper site recently acquired by Blue Star Land LP, a developer owned by Dallas Cowboys owner and general manager Jerry Jones.