Gondolas in Prosper? Council Approves 'The Marco.' Here's What It Means for Land at the Tollway and US 380

I've sold land around Prosper for a long time. I never thought I'd write "gondola" in a blog post. Yet here we are.

The Marco is an Italian-style village on about 143 acres at the northeast corner of the Dallas North Tollway and US 380. It's built around a lagoon of about 15 acres with canals big enough for boats. I'd call it the most watched corner in Prosper, and on October 27 the town council approved it.

What the Approved Plan Includes

The applicant is Blackard Companies, led by Jeffory Blackard. He's the developer behind Adriatica Village in McKinney. Godwin Investments, Ltd. owns the land. The town staff report and planned development documents describe a plan with:

  • Up to 4,400 homes in total, with caps by type: up to 2,500 mid-rise flats, 400 high-rise units, 500 age-restricted units, and 1,000 villas, townhomes, cottages, court homes and live-work units
  • About 1 million square feet of office, including corporate headquarters and office condos
  • Up to two hotels, a performing arts venue, a grocer and a market hall, plus village retail and services
  • A central lagoon that doubles as regional stormwater detention, with navigable canals flowing from it. Water taxi and canal operations are listed as allowed uses.
  • Heights up to 14 stories or 190 feet at the Tollway and 380 corner and for two buildings inside the lagoon area. Most of the rest of the site is capped at 8 stories or 160 feet.
  • About 28.7 acres of open space, roughly 20% of the site, including a 26-foot-wide walkway around the lagoon called a passeggiata

Blackard told Community Impact the plan includes one or two larger corporate campuses alongside office condos for smaller companies. A project representative put the investment at an estimated $2 billion. Bill Cawley's Cawley Partners, the group behind the planned Dallas Stars stadium in Plano, has signed on to help.

How We Got Here

On August 18, the Planning and Zoning Commission recommended approval 4-2. Commissioner Josh Carson wanted more detail on uses, building materials, open space and minimum unit sizes. Commissioner Glen Blanscet called the application, with its written rules and artistic renderings, "zoning via picture."

At a September 8 work session, council members asked about multifamily, phasing and safeguards to make sure the project gets built as promised. On September 22, after more questions came in that day, the council postponed its vote. Development Services Director David Hoover described the remaining work as "just matching up the pictures with the words."

Town Manager Mario Canizares called it "probably the biggest development this community has seen in many years, if ever," and added, "We certainly don't want to fast track this."

Where It Stands

The Prosper Town Council unanimously approved the rezoning and planned development for The Marco on October 27. Town staff had recommended approval, saying it fits the Dallas North Tollway District vision and will be "a prominent gateway into the community." Before the meeting, the town had received no public responses to its notices. Mayor David Bristol said, "We are excited to welcome The Marco to Prosper." Developer Jeff Blackard called the vote "a big step for The Marco" and added, "There's a lot of work ahead."

Blackard changed the plan after the Planning and Zoning vote, mostly on multifamily, and those changes are part of what the council approved. Mid- and high-rise multifamily is prohibited in certain areas. The lagoon has to be finished before any residential units open. After the first 1,000 mid-rise apartments, he has to build at least 30,000 square feet of retail and restaurants before adding more. Every apartment building needs open space and a pet area.

Approval was zoning, not a groundbreaking. Development Services Director David Hoover said the next step is a series of development agreements. Council still has to approve agreements in four areas, ideally by the end of the year: economic incentives, building standards and refined permitted uses, impact fee waivers, and parks and open space. Those are the terms that decide who pays for what.

On timing, FOX 4 reported construction could start before the end of this year. Community Impact, quoting a project representative, said lagoon and sitewide infrastructure construction should begin in late 2027, once the agreements are in place. I'd plan around the later date until those agreements are signed.

The plan is built in three phases. First come the outer edges, the lagoon and sitewide infrastructure. Then pad buyers develop the second phase, and the corporate office area comes last. Staff's memo also noted that fire access to the lagoon still had to be worked out and could require dedicated fire buildings at a dock, and I haven't seen how that was settled. Blackard has said he hopes some construction can be finished within five years.

Why This Corner Matters

The Tollway is heading north. NTTA is extending it 13.7 miles north of US 380. The first stretch, from 380 to FM 428 in Celina, is scheduled to open in late 2027. This corner goes from the edge of the corridor to the middle of it.

Frisco is right across the street. The land south of 380 is in Frisco. When two strong cities meet at a tollway interchange, the corner tends to get valued like a regional location, not a suburban one.

Prosper set the bar high. Staff said The Marco meets the Dallas North Tollway District guidelines the town adopted earlier this year. The council took an extra month and sent the plan back for changes before approving it, so it clearly took its tollway frontage seriously.

Blackard has a track record of premium pricing. Star Local Media reported that homes in Adriatica Village sold for a median price of about $1 million in September, roughly double McKinney's median that month. Prices at The Marco haven't been announced.

What I'd Do Right Now

If you own land along the Tollway corridor in Prosper or north into Celina: Don't price your land off what sold two years ago. A project with 1 million square feet of office and two hotels changes what buyers will pay for nearby service retail, medical and restaurant pads. Get a current valuation before you answer that unsolicited offer.

If you're buying: Try to beat the pad buyers. Phase 2 of The Marco is set up for pad purchasers, and the users who can't get in, or don't want to pay up, will look one ring out. That's usually where the value is.

If you're a business owner: Office condos are on the menu. If you've wanted to own your space near the Tollway instead of renting, start the conversation early.

If you're cautious: Fair enough. Phased projects can change along the way, and the incentives and fee waivers aren't approved yet. Underwrite what's approved and funded, not the rendering.

Let's Talk

I've spent more than 23 years in North Texas land, and I still get excited about a good zoning packet. My family has learned to just nod. If you own land or commercial property near the Tollway in Prosper, Celina, Frisco or anywhere in Texas, I'd be glad to tell you what a project like The Marco could mean for your value.

Call or text me at 214-714-5638 or email dan@cooperlandcompany.com. I can't get you a gondola ride yet, but I can get you a straight answer.

Related Reading

Sources

Header photo: Dallas Parkway approaching US 380, February 2018, by formulanone, via Wikimedia Commons, CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/), resized.

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