FRISCO, Texas — A major "mixed-experience community" coming to Frisco in the next few years stands to receive some help from the City Council, which on Tuesday agreed to provide up to $113.4 million in initial development incentives.
The Mix is expected to redefine the former Wade Park project site. Officials say the full, 112-acre project will include two hotels, hundreds of homes, shops and 2 million square feet of office space—all of which will surround a nine-acre central park to give the urban development an adventurous feel.
The City Council-approved money is contingent upon the completion of several major components, including a medical office, grocery store and 2,250-space underground parking garage.
According to City Council documents, the money is "primarily funded" by tax revenue generated at The Mix and won't affect existing property tax rates. Mayor Jeff Cheney said the money will be performance-based.
"We hope to get started with the infrastructure here in the next few months," he said on Wednesday. "The final chapter and final story of this project will be a positive one and so rebranding it as the mix and turning that page to the next chapter last night was a great feeling."
The project is expected to cost $3 billion in all. Officials have said construction on the project will begin in 2025 and it's expected to take a few years to be completed.
A previous $2 billion Wade Park project was jeopardized due to a bankruptcy case centered on allegations of fraud.
Summer Moon Coffee is about 10 minutes from the site. Brandon Arlington is the general manager of the small coffee shop and is looking forward to the development.
"I think the environment that it's going to create, it's going to bring more people here, it's going to help the business but also it's going to be fun," he said.