The city of Frisco is a hot spot for real estate.
Construction cranes have been erected along the Dallas North Tollway, Texas 121 and the coined “$5 Billion Mile.” The stretch of real property includes The Star, Frisco Station, The Gate and Wade Park.
The highest price property — at $1.6 Billion — is Wade Park. Developers broke ground on the 175-acre mixed-use development off Dallas North Tollway and Lebanon Road Developers in 2014 with the promise of the first phase opening in 2016.
Construction has slowed, causing changes in the schedule deadlines. The city of Frisco agreed on a $122 million incentive paid to the developers if the projects were opened by the end of 2017. This year, the first phase was pushed back again and the incentive deadline was moved to 2018.
The grand opening is scheduled for the spring of 2019. If developers do not meet that new deadline, the $122 million incentive is off the table.
“Wade park has had their fair share of delays and continue to do so,” Assistant City Manager Ron Patterson said. “We have been discussing this not only internally, but with the developer. Everything is good on our end. We are simply waiting on them to deliver."