The Gates of Prosper shopping center will contain 300,000 square feet to start. (Lincoln Property)
Developer Lincoln Property Co. will start construction next year on a major retail development that will redefine the Collin County town of Prosper.
Working in partnership with Dallas Cowboys’ owner Jerry Jones, Lincoln will build the shopping center at the northeast corner of Preston Road and U.S. Highway 380, just north of Frisco.
The big box retail center will be part of the larger Gates of Prosper complex that Jones’ Blue Star Land plans to develop with Lincoln at the intersection. The overall development could ultimately be valued at $1 billion, according to projections by Prosper officials.
“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. “We are working now on the first major leases.”
Other portions of the 500-acre Gates of Prosper complex are planned to contain office buildings, apartments and more retail space.
The project will provide new commercial space for the fast-growing Collin County community.
Blue Star Land first started buying properties along U.S. 380 in the mid 1990s.
The Prosper development site about eight miles from the location in Frisco where the Dallas Cowboys plans to relocate its practice facility and headquarters. The new Cowboy’s complex will be surrounded by a mixed-use project that includes retail space.
The Gates of Prosper is one of two big shopping centers Lincoln Property has on the drawing boards.
Lincoln is also working on plans for an 80-acre project at the southwest corner of Preston Road and State Highway 121 in Plano.
The Village 121 project will include a half million square feet of retail, restaurant and entertainment space. The project also has room for office and apartment construction.
Lincoln is also redeveloping several Dallas area shopping centers, including Turtle Creek Village in Oak Lawn, Village on the Parkway in Addison and parts of the Lakewood shopping center in East Dallas.
Lincoln Property is a partner with Dallas Cowboys owner Jerry Jones’ Blue Star Land Co. in the more than 500-acre Prosper development. (Lincoln Property)