Developer Jack Matthews buys 157 acres in Prosper

PROSPER – Developer Jack Matthews has acquired 157 acres of land at the northwest corner of the Dallas North Tollway and US 380, where he plans to build a $1 billion regional mixed-use development.

Plans for the public-private project include more than 3 million sf of office, residential, retail, medical, hotel and entertainment space.

Matthews has been working with the Town of Prosper for the past year and a half. The first parcel of the two-parcel land deal — 127 acres — closed on New Years Eve after the town agreed to the proposed development plans. The second parcel of land — 30 acres — is scheduled to close on January 11, 2013.