Prosper, a town in Texas, has recently approved the zoning for Prosper Arts District – a 35-acre mixed-use development project. The estimated value of this project is $300 million and it is being led by Capitalize Ventures with design work by Gensler.
Situated at the northwest corner of Dallas North Tollway and Prosper Trail, Prosper Arts District will feature three unique hotel concepts, 515 multi-family units and an extensive retail village centered around a planned water feature.
With entitlements and zoning now finalized, the four-phase development of this project will commence later this year. The first phase will focus on planning and designing infrastructure such as waterways, roads and walking paths. This phase includes construction of a sports-focused hotel, parking garage and various retail spaces which are expected to be completed by late 2026. Subsequent phases will add more multi-family units along with two additional hotels and more retail options. This ambitious venture is projected to create over 400 full-time jobs while generating economic impact worth over $1 billion for the region.
The article “Prosper Greenlights $300M Arts District Venture” originally appeared on Connect CRE.
