A planned $300 million development is headed for Prosper, adding to the wave of large-scale projects in the booming north Dallas suburbs of Collin County.
Capitalize Ventures aims to start construction later this year on Prosper Arts District, a 35-acre mixed-use development at the northwest corner of North Dallas Parkway and Prosper Trail, the Dallas Business Journal reported.
The first phase, slated for completion in late 2026, would include retail, a hotel and parking garage, along with a planned water feature flowing through the site.
At full build, the development would feature three hotels, over 500 apartments and retail. One of the hotels would cater specifically to weddings. Architecture firm Gensler is handling the design.
Despite its name, the district won’t feature an art gallery. The aim is to lease to boutique and creative stores and restaurants, Capitalize Ventures co-founder Krishna Nimmagadda told the outlet. The district will include artistic elements in hotel and retail spaces.
Capitalize Ventures, founded in 2021 with partners Anil Sunkara and Satya Donepudi, owns over 500 acres in North Texas, including significant commercial holdings in Frisco and Celina.
Prosper, one of the fastest-growing cities in the U.S., saw an 11 percent population increase from 2022 to 2023, according to the U.S. Census Bureau.
Existing retail centers like the Gates of Prosper house major retailers, but the city lacks experience-based destinations, leading many residents to travel to Plano’s Legacy West for shopping and dining. The Prosper Arts District aims to fill this gap by creating a “unique ambiance” that will attract visitors from across the region, Nimmagadda said.
—Quinn Donoghue
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