Construction on the highly anticipated Prosper Arts District is set to begin later this year. The project, located at the intersection of Dallas North Tollway and Prosper Trail, has received approval from the Prosper Town Council for zoning changes and a development agreement. Capitalize Ventures will lead the development team, with design work by Gensler.
Once completed, this 35-acre district will feature three hotels, over 500 apartments, and a shopping village centered around a water trail. One of these hotels will specialize in hosting weddings and is expected to become a popular destination for such events. An announcement regarding a sports-focused hotel is also expected in the near future.
The district has great potential for economic growth as it could create more than 400 full-time jobs and contribute over $1 billion in economic impact once fully developed. The total cost of construction is estimated to be more than $300 million.
Prosper’s population has been steadily growing over recent years making it one of the fastest-growing cities in both Collin and Denton counties within United States borders with an increase of nearly 11% between 2022-2023 alone.
This update was originally published on Connect CRE website.
