Unpaid bills stop work at Wade Park, part of Frisco’s $5 billion mile

The project is the centerpiece of the city's anticipated development

New York Weekend Edition /
Dec.December 09, 2017 01:29 PM

Atlanta-based Thomas Land & Development is looking for financing. (Credit: back photo by J. P. Fagerback; left photo by ChadPerez49 – both Wikimedia Commons, right photo Pixabay)

Thomas Land & Development’s $2 billion project in Frisco has stalled and construction companies, contractors and suppliers are demanding over $7 million in unpaid bills from the Atlanta-based developer.

The project known as Wade Park is the centerpiece of Frisco’s “$5 billion mile” project along the Dallas North Tollway, which includes the Dallas Cowboys’ new stadium and complex known as The Star, and an office building, Frisco Station, that just completed its first phase of construction.

The 175-acre complex’s history began in 2014 when the developer purchased the property and broke ground on the project later the same year, according to the Dallas Morning News. Wade Park was envisioned to be a mixed-use center with residential, office, hotel, retail and entertainment spaces. Tenants like Whole Foods, Starbucks, iPic Theatre and Langham Hotel & Resort were announced, and then the delays began.

The project’s completion, initially slated for spring 2015, was pushed back to spring 2018, but now work stoppage and unpaid bills are throwing doubt on making the new date.

The city of Frisco, which agreed to provide economic incentives post-completion to the developer, said they were informed financing for the project was stabilizing.

“We spoke to the developer a few weeks ago and were advised the developer was close to completing the financing necessary to move forward with the project,” said the city’s director of communications Dana Baird to Dallas News.

[Dallas News] — E.K. Hudson


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...