Forest City plans Frisco project

Forest City Development California Inc. is planning a 132-acre, mixed-use commercial project in Frisco.

The project, at the intersection of the North Dallas Tollway and the Virginia Parkway Interchange, will feature major retail anchors, entertainment venues, specialty stores and restaurants.

Cleveland based Forest City said Dallas-based architectural firm RTKL Associates Inc. will design the project and United Commercial Realty will be the company's local leasing partner.  Forest City is buying the land for the development from Ernest A. Mahard Jr. The Mahard family has owned land in Prosper and Frisco for generations and operatesMahard Egg Farm in Prosper. Financial terms of the deal were not disclosed.

Forest City Development California, also referred to as Forest City West Coast Commercial Development, is a division of Cleveland-based Forest City. The division recently broke ground on the renovation of the Mercantile Bank building in downtown Dallas and also is planning The Shops at Broad Street, a 1.2-million-square-foot lifestyle center in Mansfield. 

"We think that the North Texas market is a phenomenal growth opportunity for us," James A. Ratner, chairman and chief executive of Forest City Commercial Group, said Monday. "I'm working on several projects in North Texas."

Mr. Ratner said Forest City picked Frisco for its next suburban development after company officials had meetings with the leaders of the Collin County town.

"We really believe the city of Frisco has a vision," he said. "The leadership is committed to the future, and that is always not the case."

Forest City has hired award-winning architect RTKL Associates Inc. to design its project, which will be built by the extension of the tollway at the planned intersection with Virginia Parkway.

"They are coming to Frisco to develop a major location," said Jim Gandy, president of the Frisco Economic Development Corp. "This will be the northern entrance to our city."

Mr. Gandy said the project will face the tollway and is also along a creek.

"When you get a chance to bring a company like Forest City to your community, it is very exciting."

Unlike other developers, Forest City will do all the building itself, Mr. Ratner said. "We are retail developers but also major residential developers and major office developers," he said.

Forest City's planned development is one of the biggest such deals along the tollway extension.

Mr. Ratner said. "North Texas is already one of the great growth markets in America and will be more so."

Source: Dallas Business Journal - March 27, 2006 and By STEVE BROWN / The Dallas Morning News