Three hotels, retail, 515 multifamily units and planned open space will fill a four-phase, more than $300 million development in Prosper.
Entitlements and zoning are officially complete for the Prosper Arts District, a 35-acre project at the northwest corner of the Dallas North Tollway and the Prosper Trail. It involves a development agreement between architecture and design firm Gensler, Frisco-based real estate investment and development firm Capitalize Ventures and Town of Prosper.
The first phase of the development, expected to begin later this year, will bring a sports-focused hotel, parking garage and retail, along with waterway features, roads and walking paths. It is expected to be completed in 2026.
The vision for the development comes from Capitalize Ventures’ Krishna Nimmagadda.
The next three phases will add two more hotels, multifamily units and further retail.
The project is expected to create 400 full-time jobs and a $1 billion impact for the region.
The design for the project was drawn from Prosper’s agrarian history, according to Gensler’s principal-in-charge Barry Hand.
“By integrating local architectural elements with Capitalize Ventures’ visionary approach, we aim to redefine mixed-use living and community engagement in North Texas,” Hand said in a statement. “The Prosper Arts District will seamlessly blend residential, commercial, and recreational spaces to create a vibrant, interconnected environment for all.”
Capitalize Ventures holds more than 250 acres of commercial land in Frisco and Prosper and 250 more in Celina.
Prosper has seen a consistent flow of announcements of new developments and land sales as residents continue to flock to the community that sits in both Collin and Denton counties.
That includes Blue Star Land’s expansion at the Gates of Prosper. The Frisco-based firm is adding additional apartments and 250,000 more square feet at the development.
DFW Land, controlled by Vijay Borra, recently acquired 18 more acres in Prosper in a transaction that was brokered by David Davidson, Jr., Edward Bogel, Ryan Turner and Collins Meier of Dallas-based Davidson Bogel Real Estate. Borra, one of Prosper’s larger landowners, closed on a parcel near Mahard Parkway and Prairie Drive, adjacent to 71 acres he already owns.
