The Prosper Town Council approved zoning for a planned development that could become a multi-billion-dollar mini-Venice with thousands of residential units and a 15-acre lagoon.
The council unanimously approved developer Jeff Blackard’s plans to build The Marco, a 143-acre project inspired by the major Italian city, at the northeast corner of the Dallas North Tollway and U.S. 380.
The Marco could represent a $2 billion investment, a project representative said during Tuesday’s meeting.
The vote on the project was scheduled for late September, but town officials wanted Blackard to make tweaks to the project. The developer previously told The Dallas Morning News that the most notable request was starting construction on the planned lagoon at the same time as some of the apartments.
The lagoon must be finished before the apartments open, and no more than 2,500 mid-rise apartments can be built.
Blackard’s projects are inspired by his love of Old World villages. He developed Adriatica, the Instagrammable Croatian-inspired village in McKinney; Entrada in Westlake; and the planned Barisi Village in Corpus Christi. He calls the European-inspired developments “Neoretroism.”
The idea for The Marco came from Blackard’s close study of Venice and his desire to create a closer relationship between people and the water. The Marco is named for two pieces of Venetian history: the famed Piazza San Marco and the explorer Marco Polo.
Blackard said he hopes to work with Prosper ISD to build a $125 million performance arts center at The Marco. Voters approved funding for the new arts center as part of the 2023 bond package.
Bill Cawley of Cawley Partners, a major development partner for the Dallas Stars’ planned $3 billion arena district at the former Willow Bend mall in Plano, is partnering with Blackard on the project.
Blackard said after Tuesday’s vote that he hopes to close the land purchase in the first quarter of next year, and construction could start in late 2027. The land is owned by attorney Don Godwin, a trial lawyer who has represented some of Texas’ most well-known figures and companies, including Ross Perot, Jerry Jones, the Dallas Cowboys, Halliburton and ExxonMobil.
Blackard compared the development process to climbing Mount Everest. Prosper officials must also approve additional development agreements.
“It’s hard to get to the top,” he said. “The pressure is on us. … Anybody can draw a pretty picture.”