Frisco residents will see a major new mixed‑use district take shape around Toyota Stadium after the City Council approved a financial agreement on Oct. 19, according to Community Impact. The agreement authorizes up to $5 million in city hotel‑occupancy tax grants over ten years and waives half of the development fee for the project’s hotel and convention‑center component.
The development is a partnership between Hunt Sports Development, Peak Curated Development and Venu Holding Corporation. Hunt Sports Development and the Hunt family, longtime owners of FC Dallas, are described as “terrific partners” by Mayor Mark Hill, who said the deal “sets Frisco apart from others and will continue to enhance our city for decades to come.”
City officials estimate the mixed‑use district will attract more than $1 billion in private investment. The first phase will feature an approximately 290‑room boutique hotel and more than 40,000 sq ft of convention, event and meeting space. The convention center is slated to include over 25,000 sq ft of meeting space, with a 15,000‑sq ft ballroom that can be divided or converted into a live‑entertainment venue for up to 3,000 people.
In addition to the hotel, the district will host restaurants and other amenities on the east side of Toyota Stadium and the Soccer Center. The city will retain the remaining 50% of hotel‑occupancy tax revenue during the grant period and all revenue afterward. State incentives are limited to funds actually received by the city, and grant payments depend on the developer meeting performance requirements and generating eligible tax revenue.
City documents indicate the hotel and convention center are expected to draw more visitors, meetings and events to Toyota Stadium, potentially boosting nearby Rail District businesses by bringing additional customers to local restaurants and shops. The project’s groundbreaking is planned for 2027.
Earlier in September 2024, Frisco, the Frisco Economic Development Corporation and the Frisco Community Development Corporation signed agreements with the Hunt family to extend FC Dallas’s lease at Toyota Stadium through 2057, further cementing the stadium’s long‑term role in the community.
What’s next: With the financial agreement approved, the developer can now pursue state tax incentives and begin detailed design work. Grant payments will be released as performance milestones are met, and the city will monitor tax‑revenue generation to ensure the project delivers the promised economic benefits.
Sources: communityimpact.com
