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FRISCO, TX-The development partners who laid the Westin at the city’s doorstep have unveiled an expansion plan to add two more hotels, one with condos, and more topnotch restaurants in their Stonebriar Commons on Legacy. The 28-acre projects will be included in the second-phase addition of retail and office development that began late last year.

Peter Streit and Ernest Blank, principals of Dallas-based Windmill Development LLC, will break ground in January 2006 on a 120-room new design of the Four Points by Sheraton brand, owned by the White Plains-based Starwood Hotels & Resorts Worldwide Inc. The partners designed the hotel and got Starwood’s blessing as a prototype for future Four Points-flagged properties. A second hotel–Westin Pierre–will be a 100-room, five-star boutique topped off with 45 condos. The boutique hotel, also breaking ground next year, will deliver in 2007. The Four Points prototype will be completed in late 2006.

The partners’ 330-acre, Legacy-area development previously was estimated at $100 million. Now, it’s clearly on track to exceed that as the partners mark their 10th year of plying the plan. “We’re pretty much on track with what we want to do,” Streit tells GlobeSt.com. For previous story, click here.

Streit and Blank say the goal is to develop a multi-tiered hotel component with pocketbook appeal from $100 per night at the Four Points to the $200-plus per at the proposed Westin-flagged boutique in the Texas 121-Legacy Drive corridor. They say the condo component became part of the talks about six months ago with their management company, Starwood. “We think it’s an excellent market if we price it right,” Streit says. “We don’t want to compete with the Ritz-Carlton. It’s a cautious approach.”

Blank says the condos, averaging 1,800 sf, will be a first for the Frisco market, but the decision is market driven by the handful of corporate headquarters in Legacy, empty nesters and affluent residents in the far north Dallas corridor. City regulations cap the hotel-condo structure at 12 stories, but the plan could be adjusted from 45 condos to as many as 90, Blank says. As for the prices, they’re still up in the air.

The 108,000-sf retail village and 79,068 sf of multi-use space will deliver by early 2006. The 10-building second phase has two structures under way, three set to break ground in the fall and the balance ticketed to rise by midyear 2006, says John Kirby of the Dallas-based Weitzman Group, who’s teaming with Andrew Schendle to lease the office space at a rate of $24.50 per sf plus electric. Two structures will have street-level retail and two floors of office space, totaling 29,000 sf. The lone three-story office building is part of the fall groundbreaking schedule.

On the retail side, about 50% of the under-construction space is preleased. The roster’s newest name is Cantina Laredo, a prominent local Mexican food restaurant. Negotiations are underway with restaurateurs for a high-end steakhouse and Italian restaurant. Sue Hageman and Robin Barrow, also with Weitzman, are using $30 per sf to $32 per sf to open talks.

“It will become it’s own little destination,” Weitzman’s Bob Young says. “An urban village environment, even in Frisco, is kind of cool.”

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