Dubai Developer plans $700M luxury mixed-use project in Frisco

10/24/2014 by Candace Carlisle

A Dubai-based development company, Invest Group Overseas, plans to begin the group's first development in Texas, a $700 million, 41-acre luxury mixed-use project in Frisco.

The development, called The Gate, is expected to sit on the northwest corner of the Dallas North Tollway and the future John Hickman Parkway. The group announced its plans in Dubai on Sunday at Cityscape Global, a large international real estate development and investment event.

"The development will offer a refreshing take on the live, work, play environment in one of America's fastest-growing cities," CEO Anaz Kozbari said in a written statement. "When completed, it is poised to be a hub of opportunity for the businesses and residents who will make The Gate their address of choice.

Plans for the project totaling 2.3 million square feet include high rise condo-style residences, a boutique hotel, destination retail and dining, and Class A office space in a walkable environment.

This isn't Frisco's first high-class development underway. Already, construction is moving on the Dallas Cowboys-anchored mixed-use project and the massive Wade Park development.

And luxury condos seem to be a desired project along the Dallas North Tollway, with a development group planning to build a $140 million high rise project.

Frisco Mayor Maher Maso says he's honored the international developer is looking to build in the northern suburb of Dallas-Fort Worth.

"While the site plan for The Gate is still conceptual, this dynamic development is on target for Frisco," he said.

The development group has yet to announce leasing or construction partners on the project, but Gensler is working on conceptual renderings of the project.

Construction is expected to begin in spring 2015, with a scheduled completion date of summer 2019.