A Prosper developer plans a $240M mixed-use project without apartments

Bella Prosper, a $240 million mixed-use project from developer Naseem Shaik, will wrap 61 acres around a manmade lake in Prosper, Texas. Connect CRE reported that the plan includes a 139-key hotel aimed at business travelers, one-story offices and office space above restaurants and retail, a public parking deck, and a park with a water feature. No multifamily is planned.

The retail program is planned at a minimum of 60,950 square feet, and Community Impact reports the project is expected to produce $59.8 million in annual taxable sales—plus $88.3 million in net benefits to the town over 25 years, by the developer's estimate. Phase 1 construction was originally expected to start in late 2027.

The absence of apartments is the call worth noticing, because a hotel, office, and retail mix has to draw demand from business travel and local spending rather than from apartments filling during construction—slower to stabilize, and more dependent on the sales-tax assumption. The $59.8 million annual figure is the underwrite's key number, and it will be tested by how quickly the office and hotel components lease in the years before a 2027 groundbreaking.

The office piece is modest in scale and suburban in character—the kind of space that has been clearing in the trade-to-trade market PWD tracks—so the developer is effectively writing his own comp. A 2027 start gives that leasing market time to arrive. The lake is the amenity; the pace of office and hotel leasing will decide whether the underwrite holds.