July 1, 2019
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.
Hunt Consolidated, Inc. is the flagship entity of the entire Hunt family of companies, a privately owned group of entities based in Dallas, Texas. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure.
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Contact: TKleinert@huntrealty.com
Diane Hornquist works with the general counsel to oversee legal activities associated with various land development and operating company initiatives. Hornquist began her legal career at the Dallas office of Jackson Walker LLP in the real estate section.
Contact: DHornquist@huntrealty.com
Contact: TWatson@huntrealty.com
Mike Wallace is responsible for all aspects of Hunt Realty Investments overseeing the firm’s direct-owned real estate portfolio, operating company investments and other real estate activities. He is responsible for sourcing and structuring all new investment activity, as well as Hunt Realty’s interaction and investment relationship with other Hunt-related entities.
Throughout his career, he has been involved in investments in single-assets, real estate portfolios, distressed loan portfolios and private and publicly-traded companies including equity, preferred equity, mezzanine and participating debt investments. His experience spans a broad array of product sectors including office, multi-family, hospitality, retail, senior living, student housing, industrial, residential and land.
Prior to joining Hunt Realty, Wallace was with The Hampstead Group, a Dallas-based real estate private equity fund which invested approximately $1 billion on behalf of institutional and private investors. While at The Hampstead Group, his responsibilities included new investment opportunities in real estate portfolios, publicly-traded companies and distressed loan portfolio acquisitions as well as management of the fund’s investments. He also previously worked for EFO Realty, a real estate opportunity fund where he sourced and structured joint-venture equity investments.
Contact: MWallace@huntrealty.com
Chris Kleinert is CEO and president of Hunt Consolidated Investments, LLC, and Co-CEO of its holding company, Hunt Consolidated, Inc. He is president of Hunt Realty Investments and oversees the operations of both Hunt Investment Group and Hoodoo Land and Cattle Company, as well as the financial activities of the holding company. Other business interests of Hunt Consolidated, Inc. include oil and gas exploration and production, petroleum refining, electric power generation and transmission. Kleinert’s affiliation with Hunt Consolidated began in 1996. Kleinert received an MBA with a concentration in finance from Texas Christian University and a BBA in marketing from Southern Methodist University. Prior to joining Hunt, he was employed by Texas Commerce Bank (now JPMorgan Chase) and General Mills. Kleinert serves on the Investment Committee of the Board of Trustees of Southern Methodist University and SMU’s Tate Lecture Board of Directors. He also serves on the Neeley School of Business International Board of Visitors at Texas Christian University, the Board of Trustees of the Communities Foundation of Texas, the Board of Directors of Amegy Bank -Dallas, and the Dallas Regional Chamber’s Board of Directors. Kleinert chairs the Board of Directors of the newly created Men’s Advocacy Group for New Friends New Life. In 2009, Chris and his wife, Ashlee, founded Executives in Action (EIA), a nonprofit organization that leveraged the talent and expertise of executives in transition with local charitable organizations to enhance their productivity, efficiency and overall impact. In 2016, EIA merged 4 with New York-based Catchafire, Inc. to form Catchafire North Texas and expand the number of volunteers and nonprofits that can be matched nationally.
Contact: CKleinert@huntconsolidated.com
Contact: CFitzgibbons@huntrealty.com