Hillwood Adding Spec Office to Frisco Station Amid High Vacancy

Hillwood is hungry for more at its Frisco Station development.

The Dallas-based firm, chaired by Ross Perot Jr., wants to add a hotel, retail, restaurants and up to five office buildings, in a submarket with higher than average office vacancy, to the 242-acre mixed-use hub along the Dallas North Tollway, the Dallas Morning News reported.

Dubbed Frisco Towers, the development will be situated between Warren Parkway and John Hickman Parkway. The office component will start with a speculative building, although the square-footage wasn’t reported, and the project could expand to include five office buildings.

The development will provide the “flexible, amenity-driven office destinations that today’s employers require,” said Bill Baumgardner of VanTrust Real Estate, a partner in the venture.

Almost 387,000 square feet of office development was added to the Frisco/Legacy office submarket in the first quarter, more than any other Dallas-Fort Worth market, according to Cushman and Wakefield. The submarket’s vacancy stood at 23.3 percent in the first quarter, higher than the Metroplex’s overall average of 22 percent. About 4 million square feet of office space is expected to be delivered in the DFW market over the next two years.

Frisco Towers will also feature an entertainment concept, Pickle and Social, that pairs pickleball courts with golf simulators. Start of construction is nearing for that component.

Frisco Station already features 955 apartments and 450 hotel rooms, totaling 700,000 square feet. At full build, it could include 2,400 residential units, a 55-acre corporate campus, 3 million square feet of office space, a park and 34 acres of medical and life science facilities. Trails will meander throughout the property.

Hillwood recently revealed plans to add a 410-unit apartment complex, spanning 410,000 square feet across two buildings, to the development.

Hillwood is spearheading Frisco Station along with VanTrust and The Rudman Partnership. It’s a stone’s throw from The Star, a mixed-use development that serves as the Dallas Cowboys’ headquarters.

Frisco has seen a wave of large-scale developments in recent years. Among them are the $520 million Omni PGA Resort and The MIx, a $3 billion mixed-use venture led by JVP Management.

—Quinn Donoghue