Construction on the highly anticipated Prosper Arts District is set to begin later this year. The town council of Prosper has given their approval for zoning changes and a development agreement for the 35-acre project, located at the intersection of Dallas North Tollway and Prosper Trail. Capitalize Ventures will lead the development team, with design work by Gensler.
The district is planned to include three hotels, over 500 apartments, and a shopping village centered around a water trail. One of the hotels will specialize in hosting weddings and could become a popular destination for such events. An announcement regarding a sports-focused hotel is expected in the near future.
Once completed, it is estimated that over 400 full-time jobs will be created within this district alone, contributing more than $1 billion in economic impact. The total cost of development is projected to exceed $300 million.
Prosper has been experiencing rapid growth as one of America’s fastest-growing cities spanning both Collin and Denton counties. Its population increased by nearly 11% from 2022 to 2023.
This update was originally published on Connect CRE website under “Prosper Arts District Construction Update: Over $300M Project Set To Begin.”
