The remainder of the cost will be paid through a long-term leasesigned with Hicks Sports Marketing Group, owner of the Dallas StarsHockey Team. The lease requires the Dallas-based company to pay$40,000 in rent per month for the first five years the center isopen and $45,000 a month for the next 15 years. Hicks will operatethe facility and use it for activities related to its Dallas StarsHockey Club division. A minimum of 174 hours a month will be setaside for public use.

The complex will include two 1,700-sf ice rinks, eight lockerrooms and a professional hockey teaching center. The project isslated to be built on a 7.3-acre site near Stacy Road and Highway121 in Craig Ranch, a 2,500-acre master-planned community beingdeveloped by McKinney-based Craig International. The ranch hasabout 6,500 residents and is planned for a future population of50,000.

The overall development has a strong athletic focus. The CooperAerobics Center at Craig Ranch, a 76,000-sf "wellness" facilitycreated by health and fitness expert Dr. Kenneth Cooper, is acrossthe street from the StarCenter site, and the company plans tolocate the Michael Johnson Performance Training Center on eightacres adjoining the new project. The $20 million center willfeature an eight-lane, 400-meter rubberized outdoor track stadiumwith a natural grass infield. The ranch also has a 75-acre baseballand softball tournament facility and a multi-field soccercomplex.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.