A $240 million mixed-use development covering 61.7 acres in Prosper could break ground a year ahead of schedule.
Bella Prosper, planned for a site south of First Street near Legacy Drive, is now targeting late 2027 for the start of Phase 1 retail construction, according to Community Impact. That is ahead of the original 2028 timeline. Prosper Town Council approved the project at its June 9 meeting after tabling the zoning case four times.
The development will include boutique shopping, restaurants, office space, 86 townhomes, a public parking deck, a park with a water feature and a 139-key hotel geared toward business travelers. The hotel would be one of the first full-service hotels in Prosper. No multifamily housing is included.
"It's not Legacy West, it's not Legacy East," Mayor David Bristol said, according to Community Impact. "It's going to be unique to Prosper."
What it means for the tax base
Prosper is roughly 85% residential and 15% commercial, according to David Hoover, the town's director of Development Services. Bella Prosper would help shift that balance.
An economic study by consulting firm Impact DataSource projects the development will generate $59.8 million in annual taxable sales. The hotel alone is expected to produce $7.6 million in annual lodging sales, and at Prosper's 7% hotel occupancy tax rate, that adds $532,000 in local tax revenue per year.
Over 25 years, developers estimate Bella Prosper will deliver $88.3 million in net benefits for the town.
How the project evolved
Early plans carried a $650 million price tag and included apartments, a second hotel and an assisted living facility. After the town passed new development standards in February, those elements were removed. The projected investment dropped to $240 million, and the townhome count was set at 86.
Bella Prosper developer Naseem Shaik told Community Impact the project will feature a 50-50 split of national chains and local businesses. Council member Marcus Ray, speaking at the June 9 approval meeting, called the result roughly "the 900th iteration" and said he thought developers had arrived at a quality product.
What comes next
The project is divided into four phases: retail and restaurants first, then townhomes, followed by offices and a child care facility, and finally more offices, retail, restaurants and the hotel. Full buildout is targeted for 2035.
Before townhomes can start, developers must build at least 60,950 square feet of retail space. They will also extend Mahard Parkway to connect First Street with Legacy Drive.
The town's development agreement makes developers eligible for up to $6 million in reimbursements for the roadway extension and up to $3 million for the public parking deck. Infrastructure and utility design is underway, with construction on that work expected in late 2026.
