By Rodney Hays
Dallas Cowboys owner Jerry Jones will work with developer Lincoln Property Co. to begin work next year on a major retail development that could set-off the sales tax boon Prosper has been waiting for.
The new shopping center is being planned for the northeast corner of Preston Road and U.S. 380 at the southern edge of Prosper. The retail center is part of the Gates of Prosper complex that Jones’ Blue Star Land will develop with Lincoln. Prosper officials say the complex could be valued at $1 billion.
"Our first phase will be about 300,000 square feet of retail that will open in the fourth quarter of 2015," said Lincoln Property executive vice president Robert Dozier, according to a story in the Dallas Morning News. "We are working now on the first major leases."
The Gates of Prosper is a 500-acre project on both sides of Preston Road at U.S. 380. Developers are planning office space, apartments and more retail space.
Blue Star Land first started buying properties along U.S. 380 in the mid 1990s, according to the Morning News.
Lincoln development is also working on an additional shopping center in Collin County with a 80-acre project at Preston Road and Texas 121 at the border of Frisco and Plano. The Village 121 project will feature retail, restaurant and entertainment space in about half a million square feet. The could also be office space and an apartment community in the project.