The Professional Golfer’s Association of America (PGA) is leaving its headquarters in Palm Beach County, Florida and moving to Frisco, Texas, Time’s #1 “Best Place to Live in America” for 2018.

According to the PGA of America, the move is part of an innovative public-private partnership between the association and the City of Frisco. The agreement includes the construction of a 600-acre mixed-use development worth an estimated public-private investment of more than $500 million.

Under the terms of the deal, two PGA Championships, two Women’s PGA Championships, and possibly a Ryder Cup are to be hosted in Frisco.

There will be two championship golf courses, a short golf course, a clubhouse, a 45-hole practice area, an Omni resort with 500 rooms and a 127,000-square-foot conference center, Class AA office spaces, a retail village, parks, trails, and open spaces. The upscale development will be open to golfers, as well as to the public.

The PGA of America’s Northern Texas Section will also move to the new PGA headquarters in Frisco. The technologically advanced new headquarters of the PGA of America will be built on Rockhill Parkway and Legacy Drive. Hunt Realty Investments is master planning the 2,500 acres on which the 600-acre development will sit.

The PGA of America estimates that the partnership will have an economic impact worth more than $2.5 billion over the next two decades. This number includes the economic effects of the golf course, the new conference center, and tournaments. The association will initially employ a minimum of 100 workers at the Frisco headquarters.

The partnership supporting the construction of the new PGA Frisco headquarters was made possible by the Frisco City Council, the board of trustees of the Frisco Independent School District (FISD), and the Economic and Community Development Corporations of the City of Frisco. For the project, the PGA of America is parenting with Omni Stillwater Woods (OSW), a joint venture by Omni Hotels and Resorts with Stillwater Capital and Woods Capital.

OSW will spend $455 million to buy the land and build the resort, conference center, golf courses, retail spaces, and parking facilities. The PGA of America will spend $30 million to build the association’s 100,000-square-foot headquarters and education facility. The public-private partnership agreement requires the City of Frisco and the City’s Independent School District to contribute no more than $35 million toward building the public facilities.

The City of Frisco and the Frisco Community Development Corporation (FCDC) will each invest $13.3 million, while the FISD will contribute $5.8 million. On top of its $2.5 million contribution, the Frisco Economic Development Corporation will also invest $14.3 million over 15 years for the association’s headquarters relocation, tournament incentives, and job creation.

The City of Frisco will publicly own the clubhouse, golf courses, practice areas, and related public facilities. More than 300 high school golfers from the FISD will practice weekly at the facility.

OSW will operate the clubhouse and golf courses. It will pay a rent of $100,000 a year to the City of Frisco. The lease will increase by two percent after five years.