FRISCO, TX-Forest City Enterprises Inc. has partnered with the City of Frisco and a local land owner, Ernest Mahard Jr., to develop a 320-acre, mixed-use project. Known as Frisco North, the project will consist of retail, residential, office, entertainment and hospitality elements, as well as open space, public parks and municipal uses.
Forest City’s Commercial Development subsidiary entered into a Memorandum of Understanding with the City and the Frisco Community Development Corp. to lead the developed of Frisco North.
“Working with the City of Frisco has set the new benchmark for public/private collaboration,” says Jeff Isenstadt, a Forest City Development representative and president of Los Angeles-based JCI Development Inc. “It was their leadership that led to this week’s events. With these partnerships in place, we look forward to breaking ground in one of the most dynamic growth markets in the country.” He adds: “we’ve found a life-long partner with Ernest Mahard Jr. His long-term commitment to this development mirrored our own from inception.”
Over the last decade, for 2000 to 2009, Frisco was the fastest-growing city in the country, according to the US Census Bureau. The city has been recognized by Money magazine as one of the top 100 places to live in the nation.
Isenstadt tells GlobeSt.com that Forest City has been working with the City of Frisco since fall 2005. “It’s very exciting to develop a project of this stature on a local level – to create a unique sense of place for the community and surrounding trade area,” he says, adding that Frisco North has similarities to projects the Cleveland-based company has done in other markets. “But the Frisco North development is an unprecedented opportunity.”
"This project is the culmination of many years of visioning and hard work, and we're very excited to forge a new, public/private partnership with Forest City," says Frisco Mayor Maher Maso. "Frisco North will serve as an economic catalyst for quality development in the northern part of our city and further enhance Frisco's growing reputation as a retail and entertainment destination."
Forest City has yet to disclose the total square footage for the site. Isenstadt says additional details regarding ground breaking and build out timeline will be forthcoming.
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