Frisco Station, a 242 acre master planned development adjacent to the Dallas North Tollway, is excepted to change the city's landscape when it comes to urban living.
Located next to the Dallas Cowboys World Headquarters, Frisco Station will include apartment flats, town homes, hotels, restaurants and bars.
A corporate campus, high-rise office towers and a health and wellness district will also be constructed.
"The 242 acres, it's going to be for young professionals, a place for them to network and to be a part of the community. It just won't be a place to come to work," said Frisco Mayor Maher Maso.
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A groundbreaking ceremony highlighted the project's first office building.
Construction on the seven-story, mid-rise office tower is slated for completion in August 2017.
Frisco Station will be the first development in North Texas to integrate health and wellness features into its overall design, such as a medical and wellness campus, hiking and biking trials, healthy dining options and a technological infrastructure that facilitates the use of wearable fitness technology, officials said.
The cost to build Frisco Station is estimated at $1.5 billion, but the price tag is expected to rise.
"Construction costs are part of the challenge," said Hillwood Properties President Mike Berry. "Things will change over time. This is a 10-year plus development, so it is hard to project."
A limited workforce, price for building materials, and labor rates are driving prices up, the Dallas Builders Association said.
In a recent survey, the DBA found the labor shortage has added more than $4,000 per home in the form of increased costs and delays.
"It's not tough to lock down [skilled workers] as long as you're willing to pay their price," said Tim Jackson, owner of Tim Jackson Custom Homes. "We've paid almost $9,000 more for framing labor than we did two years ago for it."
Jackson added he's also experienced delays to his projects.
"Instead of getting a crew of 10, we're only getting a crew with five," said Jackson. "We're getting people to do our job because we pay more money, but we're not getting as many people. So, it takes longer to build those homes."
The DBA said the worst shortages are in skilled carpenters, electricians, plumbers and painters.