Town of Prosper growth sets Single Family housing record (Houston: sales, houses)
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I guess the critical question with Prosper is this: Are they going to do the same old same old and build up yet another ho hum bedroom community? or are they going to break the mold and do something to stand out from the pack?
By breaking the mold I mean perhaps going the Plano route and trying to attract corporate headquarters and the like. This has been Plano's saving grace. Following the timeline of most cities, Plano's hey day was in the 80s and 90s, and should have faded away into oblivion by now, but it hasnt, and probably never will because it didnt just build nice homes, it invested in buiding up it's business presence. Those HQs on the west side of Plano will keep the city relevant for years to come.
Right now it looks as if Prosper is just going with having an upscale residential only makeup with some retail thrown in for good measure. Well congratulations, that makes you similar to Fairview, Murphy, Lucas, Sunnyvale, etc etc. If Prosper really wants to come up, they are going to have to think outside the box, aim high. No one was thinking of Plano as a corporate hub 30 years ago, but that city stepped out on a limb and made it happen. Prosper can do the same, but somehow I doubt it.
Prosper wont be a corporate office mecca like Plano as it does not have the access from multiple directions to build upon to my knowledge. Plano with PGBT, NDT and SRT has good access most directions to its corporate center in legacy and has good access to others spread around Plano. Perhaps in 20-30 years corporations will move up to Prosper but not likely with all the vacant commercial land along 121 or SRT where a large scale commercial project anchored by the Nebraska furniture store owned by Warren Buffet has announced a "potential" large scale commercial development.
As an aside, I find it almost amusing how much commercial land has been defined in zoning/city planning around Plano and Frisco not to mention Lewisville/etc. Its like each city's plan assumes all the malls and other large regional commercial activity will happen in their city not the one next door.....just another flaw in zoning...but I digress.
No one was thinking of Plano as a corporate hub 30 years ago, but that city stepped out on a limb and made it happen. Prosper can do the same, but somehow I doubt it.
I don't think Prosper will do it. I think it will remain a semi-affluent bedroom community that, if things line up properly, could decay. Personally I wouldn't gamble my future on Prosper.
As for Plano being a corporate hub...Richardson and Plano both have acted aggressively to attract business to the cities and to remain relevant, and I think both of them have done a terrific job. Richardson's daytime population is enormous compared to how many people actually live there due to the number of people working there.
I don't think Prosper will do it. I think it will remain a semi-affluent bedroom community that, if things line up properly, could decay. Personally I wouldn't gamble my future on Prosper.
As for Plano being a corporate hub...Richardson and Plano both have acted aggressively to attract business to the cities and to remain relevant, and I think both of them have done a terrific job. Richardson's daytime population is enormous compared to how many people actually live there due to the number of people working there.
I wouldn't necessarily gamble either (and didn't), but keep in mind you do have a sizeable Raytheon plant up there, and the new Baylor Medical Center opening up down the street. However, that's great for proxmity, but I believe both of those are McKinney boundaries, and taxes go to McKinney. That will be one of the things to watch for, is whether or not the retail income (and maybe that Golf resort if it's built) is sufficient to allow growth, as residential property taxes alone won't make it anything more than a "bedroom community". Whatever you want to knock Frisco for (and there's plenty), their revenue base isn't solely dependent on residential housing and fees (although not nearly the corporate presence of Richardson, let alone Plano)...
I wouldn't necessarily gamble either (and didn't), but keep in mind you do have a sizeable Raytheon plant up there, and the new Baylor Medical Center opening up down the street. However, that's great for proxmity, but I believe both of those are McKinney boundaries, and taxes go to McKinney. That will be one of the things to watch for, is whether or not the retail income (and maybe that Golf resort if it's built) is sufficient to allow growth, as residential property taxes alone won't make it anything more than a "bedroom community". Whatever you want to knock Frisco for (and there's plenty), their revenue base isn't solely dependent on residential housing and fees (although not nearly the corporate presence of Richardson, let alone Plano)...
I have mixed feelings about Frisco's efforts. Yes they diversified their tax base away from just homeowners, yet I'm not confident that banking on retail was the best way to go. Why didnt they just continue the growth on Legacy from Plano into the Frisco portion and keep attracting more corporate HQs, if companies would consider Plano then Frisco would have a shot as well...the problem with retail is that a) it doesnt generate high paying jobs b) it's too dependent on the economy, thus it doesnt provide a fall back option when times get rough...Plano on the other hand, is far better equipped to withstand a recession since it has multiple revenue streams; homeowners, retail and the corporate folks.
I have mixed feelings about Frisco's efforts. Yes they diversified their tax base away from just homeowners, yet I'm not confident that banking on retail was the best way to go. Why didnt they just continue the growth on Legacy from Plano into the Frisco portion and keep attracting more corporate HQs, if companies would consider Plano then Frisco would have a shot as well...the problem with retail is that a) it doesnt generate high paying jobs b) it's too dependent on the economy, thus it doesnt provide a fall back option when times get rough...Plano on the other hand, is far better equipped to withstand a recession since it has multiple revenue streams; homeowners, retail and the corporate folks.
Have you ever driven north on the tollway past 121? Have you seen the large Hall Office Park development at Warren and Gaylord exits? Have you seen the acres upon acres of undeveloped land on both sides of the tollway all through Frisco? Have you looked at a master plan of the city and what they want to attract to that property?
These things don't happen overnight, especially in this economic climate.
I am in Prosper now. Do you think now would be a good time to put my houseup for sale? Seems like people are coming this way in all directions. I hope they drive by my house!
Have you ever driven north on the tollway past 121? Have you seen the large Hall Office Park development at Warren and Gaylord exits? Have you seen the acres upon acres of undeveloped land on both sides of the tollway all through Frisco? Have you looked at a master plan of the city and what they want to attract to that property?
These things don't happen overnight, especially in this economic climate.
My understanding is that the office park you speak of is not doing that great...half empty. And you are right, in this economy, no one is going to be really looking to move anywhere. That being said, Frisco has been booming for a solid decade now. Why has it taken so long to start attracting solid jobs? Lord knows they have spent tons of money bringing in all types of quite frankly, useless retail for the most part. Another fast food joint! yay!
What Frisco failed to realize is that if they worked on getting the high paying corporate jobs, the retail would come on its own naturally. Retail always follows the money...but corporations do not necessarily follow retail. Just my two cents.
Prosper wont be a corporate office mecca like Plano as it does not have the access from multiple directions to build upon to my knowledge. Plano with PGBT, NDT and SRT has good access most directions to its corporate center in legacy and has good access to others spread around Plano. Perhaps in 20-30 years corporations will move up to Prosper but not likely with all the vacant commercial land along 121 or SRT where a large scale commercial project anchored by the Nebraska furniture store owned by Warren Buffet has announced a "potential" large scale commercial development.
As an aside, I find it almost amusing how much commercial land has been defined in zoning/city planning around Plano and Frisco not to mention Lewisville/etc. Its like each city's plan assumes all the malls and other large regional commercial activity will happen in their city not the one next door.....just another flaw in zoning...but I digress.
You may be right about Prosper's location being a detriment...but you never know, especially with all these toll roads popping up and the northward sprawl of the metroplex...
I too have often wondered about the city planning of all these DFW suburbs...I think the natural competition between cities is to blame. Let me give you an example. I live in Garland...we have Firewheel mall. Drive 10 minutes down George Bush, exit on 75 and right there is Collin Creek Mall. Drive another 5 minutes north on 75 and you are at the Allen Outlet Mall...drive another 2 minutes further and you are at the Village of Allen/Fairview...and keep in mind the VOA is less than 20 minutes away from our original example, Firewheel.
Eventually if every town has it's own little mall/shopping area, (there were plans in Murphy to build it's own little shopping spot complete with a movie theatre...and less than 10 minutes away from Murphy is...Firewheel!)
The obvious observation is that even the metroplex cannot support so many malls so close to each other (look at Collin Creek fading away right now, or look at Valley View getting killed by nearby Galleria, or Willow Bend losing out to Stonebriar). Yet which town would willingly fall on its sword?
I too have often wondered about the city planning of all these DFW suburbs...I think the natural competition between cities is to blame. Let me give you an example. I live in Garland...we have Firewheel mall. Drive 10 minutes down George Bush, exit on 75 and right there is Collin Creek Mall. Drive another 5 minutes north on 75 and you are at the Allen Outlet Mall...drive another 2 minutes further and you are at the Village of Allen/Fairview...and keep in mind the VOA is less than 20 minutes away from our original example, Firewheel.
Agreed..But the area overall has hung it's hat on the fact people will spend themselves to death at the local mall. Judging by the exponential growth it seems they're on to someting.
Please register to post and access all features of our very popular forum. It is free and quick. Over $53,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
