Developer Fehmi Karahan and the team behind the 2,500-acre Fields master-planned development that attracted the PGA of America headquarters to Frisco have no worries about filling the luxury gated community they debuted Wednesday — and tenants are flocking to retail space in the adjoining Fields West as well.
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The 267-acre The Preserve, set adjacent to Karahan Cos.' $2B Fields West luxury mixed-use project, will border one of the PGA’s championship golf courses, allowing some residents to view tournaments from the backyards of their homes, which start at $3.5M, Karahan said at a ribbon-cutting for the project Wednesday.
The residential component will also provide regular shoppers to the 55-acre Fields West project that Karahan described as the younger sister of the Karahan Cos.-developed Legacy West development along the Dallas North Tollway in Plano.
Fields West will be around 20% bigger than that landmark project, which sold for $785M to Kite Realty Group and GIC at the end of April.
“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. “We have 70% almost leased before going vertical. That speaks volumes about the development.”
The first phase of The Preserve will feature 233 custom homes from builders such as Alford Homes, Bella Custom Homes, Coats Homes, Endurance Homes, Faulkner Perrin Custom Homes, Hawkins-Welwood Homes, Shaddock Custom Builders & Developers, Sharif & Munir Custom Homes, Starside Custom Builders and Ventura Custom Homes.
The overarching $10B Fields project is being developed by a partnership between the Karahan Cos., Hunt Realty Investments, Chief Partners and Cross Tie Capital. Fields West is expected to be partially open in 2027, with the full complement of retailers slated to be in operation by the first quarter of the following year.
The Fields is one of several high-profile developments coming to Frisco.
Work started earlier this year on the $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 $2.5B to $4B Firefly Park project on 217 acres at the intersection of the DNT and U.S. Highway 380 began last spring. Once completed, 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.
FC Dallas officials broke ground on the $182M renovation of the city-owned Toyota Stadium in March. That project will turn the stadium into the centerpiece of a mixed-use sports and entertainment district.
City officials in February also granted preliminary site plan approval for the construction of two office towers, a 17-story multifamily building, a 17-story hotel and two parking structures at The Star in Frisco. The nearly 12-acre proposed site was referred to as “Frisco Multi-Event Center Addition” in documents prepared for the commission.
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