Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Tuesday, February 09, 2016
Exclusive: Palatial 'The Gate' development in Frisco expected to cost upwards of $1B
Invest Group Overseas CEO Anas Kozbari has been putting the finishing touches on plans for The Gate, a 41-acre mixed-use development in Frisco near the Dallas Cowboys' headquarters along the Dallas North Tollway.
As those plans take shape, Kozbari said the investment by the Dubai-based group will likely increase to nearly $1 billion.
"When you get to the real truth of it, it becomes clearer than ever before," Kozbari told the Dallas Business Journal in an exclusive interview over an espresso at the Crescent Court hotel. "We are still working on the number, but it's in the bracket of almost $1 billion."
Invest Group Overseas was approved last month to start moving forward with putting the finishing touches on the infrastructure design. The team has been working on the final touches of the initial phase, which Kozbari said could get underway by end of the third quarter.
The first phase, roughly 350 apartments, will be constructed at Lebanon Road and the new John Hickman Parkway in Frisco. Invest Group Overseas plans to build two more phases of apartments, along with a two-tower luxury condo development and about 40 two-story townhomes.
Other plans include adding a number of office building fronting the Dallas North Tollway and a luxury hotel at the marquee corner of the Dallas North Tollway and John Hickman Parkway with an ornate gate-like entrance, which will help identify The Gate.
Consultants with Invest Group Overseas are reviewing two proposals by hotel operators for the 140- to 150-key hotel with a Turkish bath and fully outfitted spa.
"We have to make a decision on the hotel by this summer," the 49-year-old Kozbari told me. "This is the monument of the project; it's eye-catching and the location of the hotel gives it that monumental location."
Gensler's Dallas office is overseeing design of The Gate. Halff Associates designed the infrastructure. The developer recently hired Dallas-based Scheef & Stone LLP to oversee the legal portion of the project in primarily a consultant role.
Kozbari said the team is waiting for approval of the design of the waterway before starting on the infrastructure. The restaurant and retail portion of The Gate could get underway by the end of the year.