Developers Land $500M To Go Vertical With Frisco Megaproject
The $2B centerpiece of Frisco's 2,500-acre Fields master-planned development is ready to begin construction — and more than two-thirds of the retail space within the luxury project is already leased.
Developers The Karahan Cos. and Hunt Realty Investments closed on a $425M construction loan from Bank of America, JPMorgan Chase and Prosperity Bank this month for the 160-acre Fields West development, The Dallas Morning News reported.
The project will also get $70M in funding as part of a development agreement with the city of Frisco. The city sold municipal bonds late last month to cover the funding and also agreed to fork over an additional $24.5M in grants once the full Fields West project is finished.
The first phase of the project will span 55 acres with 1,140 multifamily units and eight parking garages, 350K SF of retail and 325K SF of office space.
More than 70% of that planned retail space is already leased, The Karahan Cos. President and CEO Fehmi Karahan said.
“We will gradually roll out our openings, starting with the northern portion around fall of 2027 and moving south, with everything anticipated to be open by the first quarter of 2028,” Karahan told the DMN.
Retailers such as Bloomingdales offshoot Bloomie’s, Kendra Scott, Pottery Barn and Sephora have already leased space at Fields West.
“You have to have tenants, and the reality is they are going to go to developments that have a track record of building [successful projects],” Karahan said to Bisnow in May at the debut of the 267-acre luxury gated community The Preserve.
Set adjacent to Fields West, The Preserve will supply regular shoppers to the luxury mixed-use project. The gated community will also border one of the championship golf courses at the PGA of America headquarters, allowing some residents to view tournaments from the backyards of their homes.
Negotiations are still underway for two hotels planned to be part of Fields West, Karahan said. The project’s developers are also working with Trammell Crow Co. to find corporate tenants for the full development’s 47 acres of office space.
The Fields project is one of several high-profile developments coming to Frisco.
Work started earlier this year on $3B mixed-use development The Mix at the corner of Lebanon Road and the Dallas North Tollway. That project includes more than 2M SF of office space, 375K SF of retail, a pair of hotels and 3M SF of residential.
Work on the Firefly Park project on 217 acres at the intersection of the DNT and U.S. Highway 380, which could cost up to $4B to build, began last spring. Once complete, Firefly Park is slated to offer 3M SF of office; 400K SF of retail, dining and entertainment; 1,200 hotel rooms; 230 townhomes; and nearly 2,000 mid-rise and high-rise residential units.
