(Source: The Dallas Morning News)
Frisco’s next act is a big one.
Remember when the city touted its $5 billion mile along the Dallas North Tollway with four major developments?
The 2,500-acre Fields mixed-use project that’s in the works will add up to more than twice the value of all those developments combined.
Located along the tollway between Preston Road and Teel Parkway, the former Headquarters Ranch cattle spread is the largest land play left in Frisco’s development.
The project is being planned with more than 10,000 homes, about 18 million square feet of commercial space, two golf courses and a resort hotel.
Last summer, the huge development tract was bought by a partnership that includes Hunt Realty, Karahan Cos., Republic Property Group, Chief Partners and CrossTie Capital. Since then, the ownership team has been working with land planners to figure out how the prime property will be carved up.
A first look at the proposed development shows how big the owners are thinking.
The Fields project — named for the family that owned the land for decades — is 10 times the size of Plano’s Legacy West development and could ultimately be worth four times as much.
Developer Fehmi Karahan is helping craft the development using his experience building two of Plano’s most successful developments, Legacy Town Center and Legacy West.
“Everything I have learned from all these projects comes into this,” Karahan said. “We have hired the very best land planners, engineers and branding people.”
One of the goals is to prepare an office campus site in the Fields project that will be ready for the next State Farm Insurance or Toyota that’s looking to build a major office center.
Frisco mayor Jeff Cheney has made no secret his desire to lure a big corporate move to the city.
The mayor has talked about wanting to land “that Fortune 500 company that we have been chasing forever and never have been able to grab by the tail.”
Frisco’s already doing pretty well in that regard. The city just persuaded Keurig Dr. Pepper to transfer its regional headquarters from Plano to the Dallas Cowboys Star development.
And Frisco’s Hall Park on the tollway already houses almost 10,000 workers.
But the Fields project takes things to a much higher level.
The developers estimate that 30,000 people could eventually work at the development.