A ANATOMY OF A DEAL
ECONOMIC INCENTIVES Before the developer can receive any incentive payments, they must first deliver the following:
The Offices One, a 230,000-square-foot seven-story complex, was the first building completed in December 2017. At the end of 2019, Frisco Station had The Offices One at 98 percent leased, similar sized The Offices Two nearly completed and 35 percent leased, the Station House urban living apartments open and 98 percent of its 301 units leased, the 25-story SkyHouse at Frisco Station just open with more than 50 of 332 units leased, and a Residence Inn and AC Hotel open. For 2020, Folzenlogen says he expects completion of a Canopy Hotel by Hilton, construction on the first part of The Hub’s restaurant, retail, and entertainment center to begin in the summer, continued construction on another urban living complex, and the beginning of construction on a third office building. The start of construction on The Offices Three was announced in late January with completion set for late 2021. A DIFFERENT APPROACH TO TECHNOLOGY When the planning team started looking at what would make Frisco Station successful over the long haul, they kept coming back to the importance of connectivity and mobility. Why? Because today’s employers and employees want easy access to technology and transportation on demand. Russell Laughlin, executive vice president of Hillwood, says, “We are in a human capital fight. You have to think about how you help companies recruit and retain talented people.” The office buildings at Frisco Station feature amenities such as on-site fitness centers, indoor and outdoor gathering places, dedicated conference centers, “grab and go” food and drink vending areas, and more. VanTrust’s McCluskey says, “We know the amenities in the offices are important to our tenants and their talent acquisition and retention strategies. In the past, the name of the game was about cost of the space, and we would tour CEOs and CFOs. Now, it’s all about talent, and the final tour for any space will usually be the CEO and Head of HR.” For conducting business in the 21st century, access to technology is increasing in importance and volume. The Offices One is one of seven buildings in Dallas-Fort Worth to receive WiredScore’s Wired Certified Platinum rating. Similar to LEED certification in building practices, Wired Certified Platinum indicates the structure was designed with best available and future connectivity in mind.
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PHOTO: FRISCO STATION
FRISCO STATION IS NEXT TO THE STAR IN FRISCO
■ 250,000 SF of retail, entertainment, hotel, restaurant space ■ 400,000 SF of class A office space ■ Dedication of all public rights-ofway at no cost ■ Payment of all taxes due on property and development Incentives which are reimbursements after performance metrics have been met are: ■ ½ of City Sales Tax generated within the Frisco Station Development and actually collected by the City ■ ½ of City Ad Valorem Tax generated within the Frisco Station Development and actually collected by the City ■ ½ of CDC Sales Tax generated within the Frisco Station Development and actually collected by the City ■ ½ of EDC Sales Tax generated within the Frisco Station Development and actually collected by the City All of the above stops on 12-31-2041 —OR—upon hitting the caps. *EDC – Economic Development Corporation *CDC – Community Development Corporation
During construction, contractors placed fiber optic cable in the ground and in buildings and left dedicated spaces for future improvements. “We’re thinking about the infrastructure differently to future-proof these projects. It’s all about data,” Folzenlogen says. To meet the high data requirements of businesses and residents, Frisco Station officials are
WINTER 2020