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$1B Mixed-Use Frisco Project To Include Medical, Wellness Uses

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Frisco City Council voted unanimously May 18 to approve a rezoning request that paves the way for a $1 billion mixed-use development east of the PGA Frisco project.

This rendering shows The Link, a nearly 240-acre mixed-use development planned in Frisco. (Rendering Courtesy: City Of Frisco)

The Link is estimated to generate $7 million a year in property tax revenue and $3 million a year in sales tax revenue once fully built out. The 2 million to 2.5 million square feet of office space would attract between 8,000 and 10,000 jobs, according to project estimates. And an untold number of other jobs would be created at the site for the restaurant, retail, hospitality, wellness, medical and entertainment uses planned there.

 “This project checks a lot of the boxes for Frisco,” said Council Member Will Sowell said. “Who wouldn’t want this development in their city?”

This map shows the location of The Link mixed-use development south of US 380 along Legacy Drive. (Courtes: City Of Frisco)

“The developers took an odd-shaped plot of land with a flood plain in the middle of it and created what is expected to be a world-class project,” said Mayor Jeff Cheney. “We’re sitting here today talking about potentially building a $1 billion development because of the halo effect of the PGA.”

The May 18 vote was the third time that the nearly 240-acre project had come before City Council. In two previous meetings, the project was tabled after some council members expressed concerns with density and the timing of the trail construction.

Frisco Development Services Director John Lettelleir presents plans for The Link to the Frisco City Council on May 18. (Screenshot Courtesy: City Of Frisco)

The approved plan has 150 fewer residential units than the original request. The plan allows for up to 2,206 multifamily units, at least 500 of which must use concrete and steel construction. The revisions also allow for up to 500 single-family and cottage homes.

In addition, the developers agreed to construct the 3.5-mile hike and bike trail during the first phase of construction. The trail must be completed before the first certificate of occupancy is issued.

Project representative Clay Roby called the trail “the heartbeat of the development” that will connect The Link to the resort-style development that will be the new home of the PGA.

“We’ve created … a large pedestrian promenade that goes through the center of the development, ensuring that it’s a very walkable mixed-use property,” said Roby, a managing director at Stillwater Capital.

“A lot of work went into the final plans for The Link,” said Council Member Shona Huffman. “We can’t let down our guard. We still have to push for better. And that’s what we did here tonight. I really do appreciate that the developer worked really hard with us to get better.”

“The council took a long-range view of the community in approving a project that will affect generations to come,” said Cheney. “This is a project we should be celebrating. This should be an exciting day in Frisco’s history.”

 

Source: Community Impact

Cambridge-Based BioLabs Selects Dallas Site For Central U.S. Hub

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Dallas-Fort Worth‘s 23-acre Pegasus Park office campus is the future landing site for life sciences firm BioLabs’ central U.S. hub.

Cambridge, Massachusetts-based BioLabs plans to open BioLabs at Pegasus Park inside the under-development Pegasus Park campus. The future tenant also plans to occupy private lab and office space at the site.

The redeveloped Pegasus Park near Stemmons Freeway in Dallas (PHOTO CREDIT: Small Investments, Lydia Hill Philanthropies and GFF)

Pegasus Park is the brainchild of J. Small Investments and Lyda Hill Philanthropies, which partnered to transform a former ExxonMobil office campus into a mixed-use development with specialty hubs and office sites dedicated to life sciences, biotech and philanthropic tenants.

To date, CoStar Group has identified 188 sites in DFW dedicated to life sciences tenants, with over 15,000 employees.

“The largest tenant so far is Alcon Laboratories, which occupies 1.6M SF at 6201 South Freeway in Fort Worth. Other DFW life and medical sciences tenants include Stryker, Abbott Labs and Pfizer,” CoStar Group Director of Market Analytics Paul Hendershot said. “With a rich history of technology and innovation, Dallas-Fort Worth is in a strong position to grow its already robust life sciences industry cluster.”

Still under development, the new life sciences campus sits off Stemmons Freeway between Southwestern Medical District and the Dallas Design District. J. Small Investments acquired the campus in 2015 from ExxonMobil and intends to convert the site into a mixed-use development offering 550K SF of office space, with a biotech hub featuring 37K SF of lab and training space.

“BioLabs is one of the biggest names in the biotech startup industry. Their decision to choose Dallas as their first location in the central U.S. is significant for our city, region and state,” CEO of LH Capital Inc. and Lyda Hill Philanthropies Nicole Small said in a statement.

 

Source: Bisnow

Orlando Health To Rezone Downtown Campus For Potential Expansion

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Orlando Health wants to change the use of a swath of land on its downtown campus to help it expand.

The 5.26-acre area Orlando Health wants to rezone on its downtown campus includes office buildings, parking lots and vacant land.(CREDIT: GAI CONSULTANTS

The $3.4 billion nonprofit health care provider filed plans with the city of Orlando to change the zoning of about 5.26 acres spread over 13 parcels of land south of Lake Beauty from medical office and mixed-use to urban activity, which would match the zoning of the three hospitals already on the campus. Currently, the land up for rezoning features five office buildings which total 68,842 square feet, as well as parking lots and vacant land.

“The requests call for a change in land use to accommodate new patient care facilities and campus enhancements and to expand a specially designated transit area to create more flexibility to support important growth,” Orlando Health spokeswoman Kena Lewis said in an emailed response to Orlando Business Journal. “Both requests address properties generally located on the south side of the campus.”

Orlando Health’s proposed rezoning of 5.26 acres south of Lake Beauty would match the land’s zoning for existing hospitals on the campus. (CREDIT: GAI CONSULTANTS)

Orlando Health did not reveal any timetable on any action related to future development of a potential expansion/redevelopment of the land. The zoning change is currently on the municipal planning board agenda for July 16 at 8:30 a.m.

The health care provider previously announced plans for a new one-story, 6,800-square-foot Orlando Health Imaging Center at 1800 S. Orange Ave. as well as a nine-level, 895-space parking garage for staff and patients, which could be as large as 161,000 square feet with an attached five-level, 42,000-square-foot medical office building. Construction of the imaging center is expected to be completed by fall 2019, while the parking garage/medical office is set to open in 2020.

 

Orlando Health also added to its downtown campus with a couple of land purchases in the past several months:

— On Nov. 19, it paid $1.64 million for a roughly 1-acre parcel with an existing 18,000-square-foot office building at 1300 S. Division Ave., north of Kaley Avenue near its Orlando Regional Medical Center.

— On Sept. 28, it bought a 1.5-acre parcel with a 30,000-square-foot warehouse at 1402 Sligh Blvd. for $2.03 million in downtown Orlando, which it previously leased from the seller, rail company CSX Corp. (Nasdaq: CSX).

— On June 18, it bought a vacant half-acre lot at 121 W. Copeland Drive in downtown Orlando for $833,500.

Orlando Health‘s eight Central Florida hospitals have a total of 3,300-plus beds. It has the area’s only Level One Trauma Centers for adults and children, and is a teaching hospital system. Its hospitals are: Orlando Regional Medical Center, Dr. P. Phillips Hospital, South Seminole Hospital, Health Central Hospital, the Arnold Palmer Hospital for Children, Winnie Palmer Hospital for Women & Babies, South Lake Hospital and St. Cloud Regional Medical Center. It also owns 11 urgent care centers in the region, as well as several cancer centers, freestanding ERs and more. It is one of the region’s largest employers, with 23,000 workers.

 

Source: Orlando Business Journal