Just one exit north on the Dallas North Tollway from the site of the new Dallas Cowboys World Headquarters and mixed use development, Frisco is seeing another big project break ground.
On Wednesday, officials turned the first shovels of dirt at the new Wade Park. Approximately 110 acres of the 175-acre project were once owned and farmed by the Wade family.
Wade Park is located at the southeast corner of Lebanon Road and the Dallas North Tollway, and the first phase of the project is scheduled to open in spring 2016.
Stan Thomas, president and CEO of Thomas Land & Development, described the project to a large audience.
"It's something we truly are very proud of," he said, calling the development an "amenity-driven project."
According to the developer, Wade Park will one day boast apartments, condos, even single-family "Charleston style" homes. It will also feature at least one luxury hotel and 15 different upscale restaurants featuring what Thomas described as "celebrity chefs."
There will also be 2.6 million-square-feet of office space, including two 16-story towers.
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A Whole Foods store will anchor 600,000 square-feet of retail space.
Frisco Mayor Maher Maso said the office space is sorely needed, as the city is talking to "multiple companies" about relocation. He adds more features of Wade Park are yet to come.
"Many components of this project, they're not even announced yet," he said. "The growth in this region will sustain that."
Maso added that Frisco's planned growth is helping grow its tax base.
In fact, in a recent budget workshop, city council members discussed a budget draft for fiscal year 2015, which included the idea of slightly lowering the property tax rate because of an increase in the city's taxable values.
"The growth rate, it does keep the tax rate manageable to us," Maso said. "It's really important to note jobs keep that low tax rate, retail creates that low tax rate."
The developer is planning on showcasing the area and its future amenities in the fall with an event called "Taste of Wade Park," including offering live music and food.
