FRISCO, TX—The 242-acre mixed-use project Frisco Station continues to expand with phase two of its 30-acre programmed park system. Slated for completion in the second quarter of 2021, Canyon East will bring slightly more than 1 acre of urban trails and park connectivity to the North Platinum Corridor development.
Linking to the existing 1.3-acre park The Bend and weaving between the hotel and urban living districts, Canyon East will expand Frisco Station’s accessibility to nearly 6 acres of green space. The Bend was delivered in 2018 and serves as the trailhead to the park system, bringing regional trail connections, an event pavilion and an event lawn. AT&T’s 5G connectivity is integrated throughout Frisco Station, including the entire park system.
“Canyon East’s beautiful park setting and access to trails continues our commitment to providing expansive green space within the Frisco community,” said Josh Goad, the land development manager at Hillwood. “Thoughtfully planned to showcase the surrounding environment, Frisco Station’s 30-acre park system seamlessly blurs the edges between wide open spaces and a vibrant urban environment. By prioritizing green space and utilizing it as our most prominent feature, North Texas is becoming home to one of the nation’s most unique mixed-use developments.”
Frisco Station’s wellness-enhanced foundational pillars of Smart, Creative, Healthy are part of the landscape, especially now that COVID-19 forced the world to rethink ways of working and living. The amenities and flexible workspaces offered by The Offices One, Two and Three allow building customers to utilize indoor and outdoor environments to safely work. Moreover, the greenspace enables AT&T’s 5G to reduce latency and provide mobile high-speed connections and reliability. This resulting work/life culture encourages creativity, flexibility and productivity for all employees and Frisco Station residents.
“Frisco Station’s 30-acre park system is one of the most unique attributes of any mixed-use development in the country,” Goad tells GlobeSt.com. “With beautiful park settings and access to trails, this expansive green space combines Texas’ well-known wide open spaces with a vibrant urban environment.”
The park system provides space for community-centric events including outdoor festivals and concerts, fundraisers and fun runs. Residents, building customers, hotel visitors and the Frisco community will be able to take advantage of the multiple open spaces and entertainment. Studio Outside provided landscape architecture services for both Canyon East and The Bend.
Centrally located in one of the fastest-growing urban areas in the country, Frisco Station offers direct access to the Dallas North Tollway and Sam Rayburn Tollway, as well as 242 acres of walkable space connecting to numerous restaurant and entertainment options at the Dallas Cowboys World Headquarters, The Star and the adjacent 12,000-seat Ford Center stadium.
The first multifamily component to launch at the development, Station House, has 301 luxury urban-living units. Additionally, The Cadence at Frisco Station, a 322-unit multifamily community, will be complete in the first half of 2021.
The Offices One, which opened in December of 2017, is 95% leased. Tenants include Brierley+Partners, Fiserv, Equinix, Kimley Horn and Executive Workspace. The Offices Two, completed in 2020, is more than three-quarters leased with Keurig Dr Pepper serving as the anchor tenant. The Offices Three is set to open in early 2021. In addition, the development has three operating hotels, AC Hotel, Residence Inn and Canopy by Hilton.
Launched in 2015, Frisco Station has delivered a total of 440,000 square feet of office space, 633 units of mid- and high-rise multifamily, and 450 rooms of hospitality real estate asset classes. Upon completion, the property will offer 2,400 residential urban living options, a 55-acre corporate campus, a dining, shopping and entertainment district, 3 million square feet of mid- and high-rise office space, and 34-acres of fitness, spa and medical facilities. The project is a result of the partnership of Hillwood, The Rudman Partnership and VanTrust Real Estate.
Despite being many months into a recession, average asking rates for the DFW office market have only recorded a minimal decrease since the beginning of the year, according to a report by Younger Partners. The DFW office market turned more negative for third quarter with a negative 2.7 million square feet. Year-to-date there was a negative 3.4 million square feet recorded with about 60% of the negative absorption due to vacant sublease space. A combination of new construction, negative absorption and increasing sublease space created an extreme dip in occupancy, says the report.