Last week I blogged about the new $900 million development in Plano. Well the jealous sister to the north (Frisco) loves to upstage Plano and announced The $5 Billion Mile this week (website). The $5 Billion Mile is stands for the $5.4 billion estimated value of 4 new developments along the Dallas North Tollway between Warren Parkway and Lebanon Road.
These developments include the Cowboys World Headquarters, Frisco Station, The Gate and Wade Park. Two of these projects have already broken ground with the others planned for the next year or so. Here are the projected totals:
Office – 11.7 million square feet (SF)
Retail – 1.2 million SF
Hotels – 5 with 1,230 rooms
Single Family Homes – 200
Apartments/Condos – 3,700 units
Stadium – 12,000 seats
And these numbers don’t include all the other one-off developments going on Frisco at the same time. Some of the names already signed include Whole Foods, iPic Theatres, Pinstripes, Omni Hotels.
This is a very ambitious time for Frisco. I’m excited about it and hope it all happens as announced. It’s hard to imagine, however. For example, 11.7 million SF of office space is about 4 times the total square footage currently in Frisco today. Net absorption (the change in occupied SF) was only 131,700 SF. Extrapolating those numbers would mean that 11.7 million SF of new office product would be equal to 44 years of demand. Of course, demand is never linear and a few large corporate relocations could take a huge chunk of this off the market.
If you need new office space or have a lease renewing in the next few years, please call me and I would be happy to work with you to create a strategy for your company’s future office or warehouse needs.