Wade Park Slated For Foreclosure Sale (Again)
The Wade Park development in Frisco, which has been an on-again, off-again sort of project since 2017, has been slated for a foreclosure sale again.
If the project's lenders don't call the sale off again, it will be on Feb. 5.
New York-based Gamma Real Estate and Bamcap Partners of Farmers Branch, the lenders, have scheduled foreclosure sales for the property before while its developer, Thomas Land & Development, has scrambled for funds to restart the project, only to call them off, the Dallas Morning News reports.
Currently Gamma is seeking repayment of more than $130M in financing for the project, the Dallas Business Journal reports.
Plans called for office, hotel and residential space at the property, as well as a Whole Foods grocery store and an entertainment venue. Construction began in 2014 but halted in 2017, and so far only two partially finished buildings are at the 175-acre development at the Dallas North Tollway and Lebanon Road.
Contractors and other firms that have worked on the development have filed more than $10M in liens against it, citing unpaid bills.