Frisco Station could compete for huge office users with major K.C. redevelopment

Rob Roberts | Kansas City Business Journal

The partnership planning a $2.4 billion mixed-use redevelopment of Brookridge Golf & Fitness in Overland Park may be competing for huge office tenants with a $1 billion Frisco project that Kansas City-based VanTrust Real Estate LLC is helping to develop.

Developer Chris Curtin, who leads Overland Park Development Co. I LLC, is seeking incentive, rezoning and plan approvals for his proposal to develop 3.8 million square feet of Class A office space and other uses on the golf course site in the Kansas City suburb.

During a recent public hearing on the Brookridge project, commercial real estate professional Larry Glaze testified that the mixed-use redevelopment was just the type of site that Overland Park needed to put itself on the radar of Fortune 1000 companies seeking new office sites.

Glaze, managing regional director for Jones Lang LaSalle in the Kansas City area, said his international firm recently represented Toyota in its search for a new site for its North American headquarters, which employs nearly 3,000. The search ended with Toyota’s selection of a mixed-use development in Plano that is very similar to the one Curtin proposes at the Brookridge site, Glaze said.

Meanwhile, VanTrust and its partners are planning to go after Toyota-sized companies at Frisco Station, their $1 billion mixed-use development adjacent to the new Dallas Cowboysheadquarters project.

VanTrust is partnering at Frisco Station with the 242-acre site’s longtime owner, the Rudman Partnership, and Ross Perot Jr.’s Hillwood Properties. Both Hillwood and VanTrust will acquire an ownership interest in the land as part of the deal, and VanTrust will lead the development of more than 4 million square feet of Class A office space there.

Ran Holman, executive vice president and Dallas market leader for VanTrust, recently told the Dallas Business Journal that the Frisco Station partnership was already shopping the office space to Toyota-sizedcompanies.

“It’s hard to fully grasp the impact that Toyota is going to have on this area, and there are other similar-sized deals in the market,” Holman told the DBJ. “We are mindful of that in what we would be doing. We love this position on the (Dallas North) Tollway. … Large users are considering the area.”

The Dallas North Tollway corridor in Frisco and West Plano has earned the monicker “the $5 billion mile” for the amount of development taking place there.

Frisco Station’s mixed uses — including 2,400 apartments, retail, restaurants, entertainment venues and medical facilities — will attract additional companies seeking to recruit and retain top talent, Holman added.

Similarly, Curtin has touted his proposal’s potential for attracting large corporations and the talented millennials they want to employ through a mix of new uses.

Besides its 3.8 million square feet of office space, the Overland Park development calls for a 3,000-seat performance venue; a 330,000-square-foot Retail Village and an additional 45,000 square feet of retail space; more than 2,500 for-sale and rental residential units; three hotels with a total of 750 rooms; a central park with a lake; and a new luxury clubhouse to serve an existing nine-hole executive course on the west side of Antioch Road that will be left in operation.

 

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