A New York developer is taking a crack at building on the former site of the plagued Wade Park across from Jerry Jones’ billion-dollar-mile.
The Frisco Planning and Zoning Commission has approved plans for a mixed-use development at the southwest corner of Dallas Parkway and Lebanon Road, the Dallas Business Journal reports. State and city documents show the project being referred to as “Project X” in its latest iteration.
The $2 billion, 112-acre development had faded into memory after commercial developer Stan Thomas and his Wade Park entities’ claims of a ‘loan-to-own’ scheme by his lender, Gamma Real Estate Capital, were dismissed in March. The allegations, which included fraud, breach of contract, money laundering, theft of trade secrets, racketeering and more, were dismissed with prejudice, meaning the same claim cannot be refiled.
The owner listed in the documents submitted to the Texas Department of Licensing and Regulation is a Manhattan-based firm called FTX Development. Following the dismissal of Thomas’ claims in March, the city of Frisco said it was exclusively working with Gamme Real Estate on new development plans for the land.
The first phase of the project, which could be underway by January, will span 750,000 square feet and cost approximately $138 million with an estimated completion date of May 2026. The conveyance plat approved by the commission laid out plans for a retail/restaurant building with a parking garage, an urban living building with a parking garage, and six urban living residential buildings. The original plans for Wade Park, filed back in 2017, included a high-rise office, an entertainment venue, 1 million square feet of high-end retail space, roughly 2,400 luxury residential housing units, and five hotels.
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— Maddy Sperling