In a press release, Forest City shot out word that it's under contract to buy land at the intersection of the North Dallas Tollway and Virginia Parkway. Local resident Ernest A. Mahard Jr., represented by G. Gipp Dupree, is the seller. Dealmakers couldn't immediately be reached, but additional details will be forthcoming about the project.
Forest City has hired Dallas-based RTKL Associates Inc. to design the project. United Commercial Realty/ChainLinks is local leasing partner.
The project's announcement comes about a week after the City of Frisco adopted the 2006 comprehensive plan. "We've met with the city leaders and applaud their vision in identifying the need for a mixed-use project that provides a unique sense of place within a pedestrian-friendly, master-planned environment," James A. Ratner, chairman and CEO of Forest City Commercial Group, says in the press release.
Forest City marked its first spot in the region with the Mercantile adaptive reuse project in Downtown Dallas. In December, the powerhouse developer announced a 1.2-million-sf lifestyle center, the Shops at Broad Street, for the City of Mansfield, a rapidly growing pocket on the outskirts of Fort Worth.
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