Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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COVER STORY 114 • SHOPPING CENTER BUSINESS • May 2017 services and products. We have found, no matter what it is, that you can put affinity with the right products and services and you can get above-average results." For companies who lease office space at The Star, the affinity associated with the Cowboys is definitely part of the sell. For retailers and restaurants, it is about connecting with fans and others, includ- ing office tenants and their visitors, and those using or visiting the sports complex or medical center. For the Cowboys, it is about connecting and giving back. THE IMPETUS One of the Joneses' biggest concerns with The Star development was being able to build a first class facility, with Class A office and retail space. It has managed to do so, with economic incentives from the city of Frisco and other entities, as well as backing from other companies involved in the project. The Joneses estimate the Cowboys' investment in The Star at about $500 million. The project has no mortgage. "With the stadium, we had to go first class because of the expectations we had set," says Jerry Jones. "When we decided to develop The Star, we wanted to be able to go first class, but have the economics to support it. How could we charge top rents? That was the challenge." The city of Frisco and its school dis- trict had $90 million earmarked for a new stadium. The Star was able to obtain that incentive by including facilities for the school district and community. Accom- plishing that goal is the Ford Center at The Star, a 12,000-seat indoor football practice arena and multi-use event center that is shared by all eight high schools in the Frisco Independent School District, which has grown immensely in recent years. "We felt like that was a perfect fit to tie our brand into what Frisco wanted to accomplish," says Stephen Jones. The Cowboys also received a subsidy to move its headquarters to Frisco. At the end of the day, the Cowboys had a $135 million head start to the development. The project has grown to include other uses, including a sports medicine com- plex, hotels, office and, of course, retail, restaurant and entertainment space. For the city of Frisco, The Star fit nicely into its growth. The city is already home to a new minor league baseball stadium for the RoughRiders (Dr. Pepper Park) and MLS soccer team FC Dallas (Toyota Stadium), and The Star sits midway along a five-mile stretch of the city that is rapidly developing. Additional developments in- clude Wade Park, a $2 billion office, hotel, retail and multifamily development, and Frisco Station, a $1.7 billion office and re- tail development. GGP's Stonebriar Mall anchors one end of the stretch, while Blue Star Land's Gates of Prosper mixed-use development anchors the other. The Star is perfectly situated in the path of retail and restaurant growth. While Stonebriar Mall provides services and plenty of retail, the center was built before the restaurant boom, and has only a few sit-down options. The Star doesn't want to compete at all on the retail front, but wants to offer visitors and nearby office tenants food, beverage and entertainment offerings. "We wanted to build a mixed-use devel- opment that, at the end of the day, wheth- er the Cowboys were here or not, would Stephen Jones is heavily involved with development of The Star. He serves as executive vice president, chief operating officer and director of player personnel for the Cowboys. Stephen Jones explains the details of how The Star came to be during the interview with SCB . Jeremiah Jhass/Dallas Cowboys Jeremiah Jhass/Dallas Cowboys

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