FRISCO EDC LAUNCHES FRISCO PARK 25 TO HELP ANSWER DEMAND FOR FLEX OFFICE SPACE
(October 27, 2016) The Frisco Economic Development Corporation (FEDC) is launching a new business park to address the demand for shovel-ready sites zoned to accommodate tech/flex office space in Frisco. Frisco Park 25 meets that need with a proposed site plan for a modern, high-end commercial development that includes 14 lots on 216 acres zoned for industrial and commercial use.
The Frisco Planning and Zoning Commission approved the preliminary site plan on October 25. This step allows infrastructure work on roads and utilities to begin. Development on Phase I buildings is expected to get underway in 2018.
Frisco Park 25 is located off the northwest corner of Preston Road / SH 289 at Rockhill Parkway. The property is bordered with Preston Road frontage on the east and Rockhill Parkway frontage on the south. Businesses will have six-lane, divided access west on Rockhill Parkway to connect to the Dallas North Tollway (DNT). The DNT is less than a half-mile west of Frisco Park 25. The access point from Frisco Park 25 onto Preston Road is about a half-mile south of where Preston Road connects with US 380, a major east-west truck route. While the property is bordered on the west by the BNSF rail line, there is no plan to locate a rail spur in the Park.
“Many businesses look to lease existing multi-story, class-A office space in Frisco; but the FEDC frequently receives inquiries from prospects who want assistance finding a site where they can own and occupy their own building,” said Jim Gandy, president of the Frisco Economic Development Corporation.
Building uses in Frisco Park 25 will range from corporate and regional headquarters to light manufacturing, showroom, warehouse and distribution operations. The Park will include a greenbelt and detention pond.
The FEDC Board of Directors approved the purchase of the land that would eventually be called Park 25 in 2015. “It seemed like a prime opportunity for the FEDC to acquire the property to do what we do best – initiate development and capital investment in the community,” Gandy continued.
The FEDC anticipates approximately 2.2 million square feet of space to be developed at buildout of Frisco Park 25 with an estimated value of more than $300 million.
While the FEDC has had multiple development firms interested in buying part or all of the land to construct buildings for lease, that’s not the target buyer. “Our plan with Frisco Park 25 is to sell the sites to individual companies that want to purchase and own their own real estate,” said Gandy. “This allows us to better control the design and development happening in the park.”
Frisco Park 25 Development Standards will be administered by a landowners committee. A formal Declaration of Covenants, Conditions and Restrictions has been drafted and is currently under review before going to the FEDC Board of Directors for a vote. The final, approved Frisco Park 25 Design Guidelines will address future Owner/Developer’s concerns for site development with rules on building materials, signage, lighting, parking, screening and landscape guidelines. These guidelines will meet or exceed City of Frisco development standards.
Hardy McCullah/MLM Architects, Inc. provided Frisco Park 25 with Master Planning Services which included Design Guidelines for creating sustainable future development value for the Park. Hardy McCullah/MLM Architects has provided Master Planning Services for cities, communities and the private sector for 25 years.
“Frisco Park 25 is a well-defined office park by location and accessibility and will be developed for specific long term users looking to maintain their investment value in their project,” said Hardy McCullah. “There will not be many speculative for lease projects in the Park. The future project “mix” is planned for office, corporate users/headquarters and limited retail.”
Kimley-Horn & Associates was hired to do the civil engineering design on Frisco Park 25.
The name Frisco Park 25 was selected to reflect the silver anniversary the Frisco Economic Development Corporation is celebrating in 2016.