Costco expands into Prosper

Costco set its sights on Prosper as one of the next Dallas suburbs to hit a growth spurt.

The retailer expected to begin construction in March on a 160,000-square-foot store, according to a Texas Department of Licensing and Regulation filing. The $17 million project could be complete in October and is located off the northeast corner of West University Drive and FM 1385.

The store will be part of DuWest Realty’s development, Westside, which is under construction. The Prosper Town Council approved the 64-acre mixed-use project in February. It includes 14,000 square feet of retail space, 250 multifamily units and a Marriott hotel, according to the developer’s website.

Costco also has a location coming to Celina, a town just north of Prosper. That 160,000-square-foot store will be at the corner of Ownsby Parkway and Preston Road. Costco currently has 13-total locations across the metroplex.

Prosper and Celina have more than tripled their populations in the past decade, and that trajectory is expected to continue as the metroplex growth climbs farther north.

Development firms like Dallas Cowboys owner Jerry Jones’ Blue Star Land are putting down roots in Prosper. The firm owns the Gates of Prosper retail center and is currently developing a high-end residential community along U.S. Highway 380 where the Dallas North Tollway is planning to expand past Frisco.

Texas grocer H-E-B also purchased land in Prosper last year and has already expanded into Plano, Frisco and McKinney.

DFW’s retail market outperformed the nation in 2022 and is expected to continue that trend in 2023 and ’24, according to a CBRE retail report. The region’s population growth outpaced development and led to an undersupply of retail spaces, the report stated. The demand for retail development will stay strong in DFW over the next two years, and the region’s retail construction rate will be significantly higher than the U.S. average, CBRE predicts.

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