True Mixed Use Features Library, Hotel, Retail

FRISCO, TX—An interesting twist to an otherwise simple project is the inclusion of a public micro-library alongside a major flag hotel. When complete, the Hyatt Regency Stonebriar will have a 3,000-square-foot Frisco public library available for use by hotel visitors and city residents. It will connect directly to the mall, Stonebriar Centre.

The 18-story 303-room hotel will feature a parking garage and conference center. It will be attached to the mall on the second floor, located between Nordstrom and Dillard’s.

The project features a 54,585-square-foot conference center including a grand ballroom, junior ballroom and additional breakout spaces. An 800-space parking garage will have 200 spaces that will be available for game-day parking at the nearby Dr Pepper ballpark.

The development recently broke ground, led by developer Sam Moon Group. The contractor is Brasfield & Gorrie and the architect is HKS Inc. Looney & Associates will manage the interior designs.

“We’re fortunate to partner with Sam Moon Group, which is bringing quality and creativity to this state-of-the-art development,” said mayor Jeff Cheney. “This public-private partnership represents Frisco’s commitment to reinvest in Stonebriar Centre, long considered Frisco’s first economic engine dating back to 2000. We believe this project helps keep our successful Stonebriar stay fresh and relevant. We’re also excited to offer additional space for our Frisco public library, already a popular destination. This micro-library will cater to preschoolers through second graders. We’re confident our residents, visitors and conventioneers will enjoy the convenience of having a high-end Hyatt Regency Stonebriar, a conference center and library space connected to our mall. Lifestyles are changing and this project promotes a new way of living, visiting and doing business in Frisco.”

The public-private partnership agreement calls for the city of Frisco and its development corporations, which are supported by a half-cent sales tax, to contribute a total of $16.5 million to the project during a 20-year period. The Frisco community development corporation will provide $3 million, the Frisco economic development corporation will commit $3 million for infrastructure and the city of Frisco will spend $10.5 million to buy the conference center when construction is finished.

The Moon Hotel Stonebriar Ltd. is responsible for all cost overruns, as well as maintenance and operations. Moon Hotel will also lease the publicly owned conference center space from Frisco for $10,000 each year. The partnership also provides 3,000 square feet of space to be used by the Frisco public library. The city will pay for the library finish-out construction as well as utilities. Frisco will lease the library space for $1 each year for 20 years.

“We’re honored to invest in this new generation development,” Ron Patterson, president, Frisco EDC. “We’re also thankful for quality partners like the Moon family who share our vision to elevate economic development in one of Frisco’s most recognizable gateways. This addition exemplifies how our Stonebriar district is ever evolving, in step with the latest trends in retail and entertainment.”

The Hyatt Regency Stonebriar design will offer a reflection of Frisco’s journey from the wagon trains and cattle drives of its past to the shopping destination and stadiums it is known for today. The design evokes a genuine Texas flavor created with textures, warm colors and tactile natural materials.

“We are confident the Hyatt Regency Stonebriar will re-energize the area around the Stonebriar Centre mall, which opened in August 2000, and offer visitors to Frisco a luxurious and convenient experience,” said Daniel Moon, vice president of Sam Moon Group.

The project aims for completion in the first quarter of 2020.

“We appreciate the opportunity to continue our relationship with Sam Moon Group and build on the success of our previous work in the Dallas area,” said Jason Weeks, Brasfield & Gorrie vice president and division manager. “We look forward to bringing Sam Moon Group’s vision for this project to completion in 2020.”

This luxury hotel will have views of Frisco with convenience and amenities for visitors. Many visitors to the area travel to attend various conventions at local venues, sporting events or amenities such as iFly Dallas indoor skydiving, IKEA furniture store, Stonebriar Centre mall and the new National Videogame Museum.

“The Hyatt Regency Stonebriar is a milestone development for the city, and we are excited to have joined with the Sam Moon Group to bring this great facility to Frisco,” said Anthony Sassine, executive managing director for CLG Hedge Fund LLC. “This was a multifaceted financing arrangement, but we were able to work with the Moons and provide a creative transaction with no syndication risk.”

Beal Bank provided the senior loan for the project, while CLG Hedge Fund LLC, an affiliate of Beal Bank, was instrumental in negotiating the loan. The Riskind Group contributed the mezzanine loan. Staghorn Capital Partners were the brokers for the financing.

“We saw the opportunity to partner with Sam Moon, the city of Frisco and FEDC at Stonebriar Mall as a no-brainer,” said Jay Riskind, chairman of The Riskind Group LLC. “The city of Frisco is the gold standard for economic development policy for the state of Texas, if not the entire country.”

Sam Moon Group’s hotel projects also include the Renaissance Legacy Plano in Plano, TX, Hyatt Place Alliance in Fort Worth and Metropark Square in The Woodlands, TX trade area. Moon tells GlobeSt.com the location is the most important factor in a new development, followed by the hotel brand partnership that fits that location. He says if both are present, the firm moves forward with development.

Sam Moon Group was founded in 1984 as a regional wholesaler of general merchandise. Through the years, it quickly transformed into Dallas’ destination for wholesale women’s accessories and handbags. Sam Moon Group is now a Texas-based parent company operating in a variety of industries ranging from retail to commercial real estate.

Founded in 1964, Brasfield & Gorrie is one of the nation’s largest privately held construction firms, providing general contracting, design-build and construction management services for a wide variety of markets. Its 2017 revenues were $2.8 billion.