close
close
Heritage is the driving force behind the Prosper Arts District
Heritage is the driving force behind the Prosper Arts District

Krishna Nimmagadda has technically been a Texan since 2017. He might have ended up in Austin if his son hadn’t preferred the high school options in Frisco.

Nimmagadda, a longtime technology entrepreneur, saw the growth near U.S. 380, north of Frisco and throughout Collin County. Land-buying opportunities began to emerge.

Capitalize Ventures, the firm Nimmagadda runs with Anil Sunkara and Satya Donepudi, owns more than 500 acres of commercial land.

Transit, trees and opportunities: What this developer envisions for Brentwood

These properties include a prime corner site in Prosper, located at the intersection of the Dallas North Tollway extension and the Prosper Trail.

The vision for the Prosper Arts District includes community activities that allow visitors to the site to stay rather than just drop in – a Gensler specialty.(Gensler)

The 35-hectare site, for which the city has approvals and zoning, is planned for In a four-phase process, three hotels, hundreds of apartments, extensive retail stores, creative offices and connected open spaces are to be built in one day.

For Nimmagadda, the so-called Prosper Arts District is a legacy project.

“We own other properties, but not all of the properties and locations are suitable for building a legacy,” he said. “Some of them you just have to sell to make a profit for the investors and then you can move on. But there are very few opportunities like this that come along.”

Capitalize Ventures has been running the site for about two years.

Since then, the PGA of America headquarters has opened and the Fields West mixed-use development, Universal Kids Resort and a Baylor Scott & White expansion project are currently under construction.

And that’s just a little further south.

In nearby Blue Star Land, Gates of Prosper is currently entering a further expansion phase.

Further north, Celina has seen a handful of new single-family homes announced this year alone, such as Hillwood’s Ramble and Rainwater Crossing, and will also see the addition of Methodist Celina Medical Center, a $200 million Project to 47.6 acres, which reached its peak at the end of last year.

Nimmagadda cites hospitals as potential residents for the apartment buildings that will one day fill the Prosper Arts District: people who will then also eat and shop at the stores within walking distance of their homes.

The massive wave of development has given Nimmagadda the confidence to pursue a more sophisticated retail offer, focused on boutique customers rather than big-box stores. This approach saw the local government quickly gain approval, a process that took months rather than years.

With an experienced project partner like the architectural firm Gensler, Nimmagadda has worked on uses that go beyond those expected and contribute to the number of 400 full-time jobs between the hotel, retail and limited creative space.

Nimmagadda, along with his partners at Capitalize Ventures and Gensler, will begin work on the Prosper Arts District later this year.(Chitose Suzuki / Staff Photographer)

These could include those that add value to the community and can serve as attractions, such as an evening fountain show, a weekend light show, or a performing arts event.

The Prosper Arts District will launch with a sports-focused hotel concept in addition to retail and other infrastructure components.

The arrangement was not without intention. The hotel traffic is intended to help sustain the type of retail and restaurants that Prosper, a community with a median home price of over $930,000, wants to attract to its residents in this corridor.

Gensler provided Capitalize Ventures with examples of the future of mixed-use.

For Nimmagadda, the question is how the Prosper Arts District can not only become sustainable, but also how it can become an integral part of the community over the next twenty years.

“We hope we set the bar high for what comes north of 380,” he said.

Work on the Prosper Arts District is expected to begin later this year.

North Texas developer acquires 1,100 acres west of Celina

Real estate company Centurion American Development Group last week purchased the 1,100-acre Bryson Ranch between Celina and Pilot Point from Blue Star Land. It is set to become a master-planned project.

CBRE economist: “There is no vicious loop”

A real estate cycle that is coming to an end under relatively favorable macroeconomic conditions? According to Richard Barkham, chief economist and global head of research at commercial real estate services provider CBRE, he has never seen this in his 30 years in the real estate industry.