26 Aug Quality Development Looking to “PROSPER IN PROSPER”
BY GARRETT G. WEAVER
Development activity is moving full-steam ahead these days in Prosper. After co-sponsoring a successful “Dallas State of the Market” event earlier this summer that featured Mayor Ray Smith and Craig Martin of Terra Verde Group (who is developing Windsong Ranch on the west side of Town) as panelists, there has been much positive buzz generated regarding Prosper throughout the development community. Such good news is instrumental in aiding the Prosper Economic Development Corporation’s (PEDC) in its efforts to attract high-quality businesses and development that increases the ad valorem tax base and creates added amenities for its citizens.
Residential development is moving along at a fast pace with the grand opening of the aforementioned Windsong Ranch in June. Terra Verde Group, the developer for the $1.2 billion master-planned residential community, is planning to develop 275 single-family lots in its initial phase, and is ultimately expected to offer approximately 3,100 single-family units at its projected build-out in 10 to 15 years. The development will also feature 150 acres of mixed-use development and 550 acres of open space and nature preserves, trails and parks.
Terra Verde Group has dedicated land for schools in the community as well. The addition of major projects such as the Toyota corporate relocation from California and the Dallas Cowboys headquarters relocating off of the Dallas North Tollway a few miles south will make a big impact on development in the region. Collectively, the two projects are estimated to add 8,000 jobs to the area. Thousands of office employees who work for companies that conduct business with Toyota will likely follow as well, adding even more to the influx of residents to Collin County in the next few years. With Plano maxed out on their residential zoning capacity, most of those families will likely follow the trend of locating in the northern part of the Metroplex where school districts are typically rated highest; Prosper is poised to attract a large portion of those families. With Windsong Ranch officially opening in June, the timing is perfect for Prosper to take advantage of the momentum that is heading north.
All of the residential and commercial development in the region is very helpful to Prosper’s economic development efforts. As Prosper and its surrounding areas begin to fill in with housing, retailers and restaurant companies begin to take notice. One of the major drivers for retail and restaurant development is population density and at present, Prosper simply doesn’t have the capacity to warrant the type of retail and restaurants that Prosper citizen’s desire. That’s quickly changing, however. PEDC staff attended the International Council of Shopping Centers (ICSC) RECon trade show in May which drew over 30,000 retailers, restaurant companies and developers from all over the world. PEDC staff met with several major retailers and developers and learned that most of them already have Prosper on their radars.
With the Gates of Prosper expected to break ground in 2015, many quality retailers and restaurants find that location to be highly desirable given the impressive demographics of the area. Additionally, the creation of office space is high on the PEDC’s priority list as increased daytime employment in Prosper will further help attract popular retail and restaurants. The development of high-quality office space in Prosper will not only assist in attracting quality restaurants and retail, but will also add to the property tax base which will help relieve the tax burden on Prosper residents. This will add tremendous support to Prosper ISD as well.
There are many moving pieces to the economic development puzzle, and right now they seem to be steadily falling in place for Prosper.