The Dubai-based investment group behind the proposed $1 billion mixed-use development known as The Gate put portions of the project on the market Tuesday looking for development partners and could sell to a new master developer.
"The Gate is being offered for sale with different parcels of the master development," Drew Kile, director at Institutional Property Advisors' Dallas-Fort Worth office told the Dallas Business Journal."At the end of the day, we could sell all the parcels making up The Gate or one buyer could come in and buy the entire project."
An Aerial view of the Gate in Frisco, which is a 41-acre palatial mixed-use development near Dallas Cowboys headquarters in Frisco.
In January, Invest Group Overseas CEO Anas Kozbari told the DBJ he expected the 41-acre mixed-use development north of the new Dallas Cowboys headquarters and practice facility within Frisco's much-marketed $5 Billion Mile to cost upwards of $1 billion to develop and was currently talking to two different hotel operators about putting a flag at The Gate's proposed iconic hotel.
"We have to make a decision on the hotel by this summer," the 49-year-old Kozbari told me. "This is the monument of the project; it's eye-catching and the location of the hotel gives it that monumental location."
Kozbari said he and Invest Group Overseas was expecting to begin construction on The Gate in the third quarter of this year. It was immediately unclear if putting the development on the market would impact these development plans.
Kile declined to share the marketing price of The Gate.
"There are some hotel operators in place and Dr. Kozbari and IGO would be willing to partner with a developer on different parts of the projects and want me to bring in all offers; we just started marketing today," he said.
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Candace covers commercial and residential real estate and sports business.