PROSPER, TX-The town of Prosper is approximately 50 miles due north of Dallas’ CBD. With a population of 12,000 and situated on 27 miles, the town offers charm, accessibility and a highly ranked school district.
Prosper is also directly north of Frisco, TX which, during the past two decades, has seen huge growth. Frisco was also once a small town, with a population of 5,000 (these days, the population tops 115,000). And, with help from Matthews Southwest, Prosper may be next in line for the development that is marching northward.
The Dallas-based Matthews Southwest recently acquired 157 acres on the northwest corner of the Dallas north Tollway and US 380, with plans for a regional mixed-use development. When all is said and done, the project, which is being conducted as part of a private-public partnership between Matthews Southwest and the town of Prosper, will hold more than three million square feet of retail, office and medical office space, as well as hotels and entertainment venues.
Though representatives involved with the transaction were not immediately available for comment, a press release with details notes that the land acquisition involved an assemblage of two separate tracts sold by the St. Clair family and Centurion American. Matthews Southwest was self-represented in the purchase of the St. Clair land tract, while David Davidson Sr. of Davidson Real Estate Inc. represented Matthews in the purchase of the Centurion American tract.
On the sellers’ side of the transactions, Ray Utley of A. Ray Utley & Co., Realtors and John St. Clair of Henry S. Miller Brokerage represented the St. Clair family; and Ken Reimer, David Davidson Jr. and Edward Bogel of Venture Commercial‘s Land Division represented Centurion American. Venture Commercial will also assist Matthews Southwest in securing tenants for the property.
“In my forty years in the business, I have watched growth continue to the north, prompting major retail developments along the Dallas North Tollway and Preston Road,” Davidson says in the press release. “Following this pattern, the northwest corner of Highway 380 and the Dallas North Tollway, purchased by Matthews, is the next prime location for a major mixed-use development.”
According to the Prosper Economic Development Corp., the timeline for the development has not yet been determined, and town taxes will not increase as a result of the project.