The suspects robbed Markham Fine Jewelers on Gaylord Parkway Friday morning.
A spokesman for the store said four armed men wearing masks were waiting for employees to open the store.
The men forced employees to get on their hands and knees while they smashed through display cases and robbed the vault.
Police believe that afterward, they drove from the jewelry store into to the StarCenter parking garage.
Dozens of Frisco officers with assault rifles and pistols stood guard outside the parking garage while other officers searched car to car with guns drawn and flashlights out.
FOX 4 was there when police eventually towed the robbers' abandoned getaway car from the parking garage on Friday afternoon.
Video from SKY 4 showed employees being evacuated from the large entertainment center, which is where the Dallas Stars practice.
Andrew Nation was at the StarCenter loading dock. He took shelter in a locker room.
"We heard, ‘Knock! Knock! Knock!' Three times," said Nation, a contractor working at the StarCenter. "I go up to the door and I said, ‘Who is it?' No response. Then I said, ‘Who is it?' Still, no response. We thought it might've been the suspects going through the hall."
SWAT moved in as a line of StarCenter workers streamed from the building. They were locked down on the third floor.
"They gave us vague information and just told us it was a serious matter and that we needed to get to a safe and secure location," said Tom Holy, Director of Communications for the Dallas Stars.
Police cleared the garage and then the center on Friday afternoon so that employees could go inside, get their keys and leave.
The vehicle that police towed from the garage is a stolen Buick Enclave that's registered out of Denton.