Wednesday, August 09, 2017

Frisco’s Gate is seeking partners

Frisco’s Gate is seeking partners

Developers sought for 11 sites in the $700 million project

Institutional Property Advisors
An artist’s rendering shows a vision of The Gate, a $700 million project on the Dallas North Tollway that is part of Frisco’s $5 billion mile.
The owner of one of Frisco’s biggest developments is looking for strategic development partners to build office, hotel and retail projects.

Dubai-based Invest Group Overseas has hired a real estate brokerage firm to find developers to buy 11 building sites in the $700 million project called The Gate. Located on the Dallas North Tollway, The Gate is part of Frisco’s often-touted $5 billion mile.

Coldwell Banker Commercial is marketing 18 acres in the project to developers that will work with Invest Group Overseas on new projects.

Two large apartment communities are already in the works for The Gate.

“Invest Group Overseas has multiple projects around the globe,” said Coldwell Banker Commercial’s Zulikha Hussain. “Some of them they do in partnership, and some they do
individually.

“They are looking for strategic partners to build office buildings and hotels,” Hussain said.

“Just certain building sites are for sale.”

Most of the office and hotel building sites that Coldwell Banker Commercial is marketing are on the west side of the tollway, just north of John Hickman Parkway.

That’s the same area where the Dallas Cowboys are building their Star mixed-use development.

And the Frisco Station office, hotel and apartment complex is under construction next door.

At The Gate, San Antonio-based apartment builder Embrey Partners is building a 350-unit rental community.

And apartment builder JPI is planning a 440-unit, five-story apartment project there with two buildings to be constructed on almost 7 acres.

There are also sites for high-rise condominiums and luxury townhomes in the 41-acre development.

Invest Group Overseas is spending almost $20 million on infrastructure for The Gate.
“We are looking for a hotel, and I am getting lots of interest,” Hussain said.

“It’s not often people can purchase this kind of land and develop it."

Steve Brown/Dallas Morning News