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
The newest plan for the New York Wheel is 210 feet shorter than the 2018 plans. (Cosentini Associates, Getty)
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Modell's at 360 Fulton Street, Brooklyn (Google Maps)
Former Modell’s site in Downtown Brooklyn up for sale
Former Modell’s site in Downtown Brooklyn up for sale
Corey Johnson (Getty, iStock)
When NIMBYs attack: Why CoJo’s master plan won’t fly
When NIMBYs attack: Why CoJo’s master plan won’t fly
Mickey Rabina and renderings of his 452,132 square foot building. (Getty, Rabina, Ceruzzi Properties)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
Acore Partner Warren de Haan. (Acore, Getty)
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raises $1B to provide rescue cash to hotels
BRP Companies’ CEOs Geoff Flournoy and Meredith Marshall with an aerial 270 Nostrand Avenue in Bed-Stuy (Photos via BRP; Google Maps)
BRP Companies seeks rezoning for huge Bed-Stuy development
BRP Companies seeks rezoning for huge Bed-Stuy development
arrow_forward_ios

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

Loading...