News Summary
Fields West, a 55-acre mixed-use project in Frisco, Texas, has secured a $425 million construction loan. The funding, facilitated by Hunt Realty Investments and The Karahan Cos., will contribute to a project estimated at $2 billion. With plans for 350,000 square feet of retail and dining space as well as offices, Fields West aims to become a vibrant community hub, supporting significant local economic growth. Various notable brands are set to occupy the space, with a projected opening for components by 2028.
Fields West Development in Frisco Secures $425 Million Construction Loan for Mixed-Use Project
A significant stride has been made in the development of Fields West, a large mixed-use project in Frisco, Texas, as a partnership between Hunt Realty Investments and The Karahan Cos. has successfully secured a $425 million construction loan. This funding is important for the project’s progress and development, which is part of the expansive 2,500-acre Fields master-planned community.
The construction financing comes from a consortium that includes Bank of America, J.P. Morgan Chase, and Prosperity Bank. In addition to this, the City of Frisco has contributed a substantial $70 million by selling municipal bonds to support the financing of the project.
Scope and Components of the Development
Fields West, which spans an area of 55 acres, was publicly announced in 2022, with an estimated total projected cost of $2 billion. Once completed, the project will feature an impressive 350,000 square feet dedicated to shopping, dining, and entertainment, along with 325,000 square feet of Class A office space.
The master plan architect for the Fields West development is Gensler, a firm recognized for its extensive experience in designing impactful spaces. Currently, the construction of the retail, restaurant, and entertainment sectors is ongoing, and the first components are anticipated to open between the third quarter of 2027 and into 2028.
Leasing Status and Retail Offerings
In a promising sign for the project’s viability, about 70% of the commercial space is already preleased to a mix of well-known national brands and boutique retailers. High-profile tenants that will be part of the retail landscape at Fields West include Bloomie’s, a Bloomingdale’s concept; Alo Yoga; Kendra Scott; Pottery Barn; Sephora; and Williams Sonoma.
The dining options will also be diverse, with concepts such as Green Point, Claremont, Mexican Sugar, Sixty Vines, and Tommy Bahama Marlin Bar committed to the space. Notably, Mastro’s Steakhouse will launch its first location in the Dallas-Fort Worth metroplex within Fields West, further enhancing the appeal of the development.
Leasing and Future Plans
SHOP Cos. has been engaged to manage leasing for the retail aspect of Fields West, while CBRE is handling the office space leasing. Together, these firms will help fill the office space with tenants as demand continues to grow in the area.
Hunt Realty Investments boasts over 40 years of experience in real estate development, acquisition, and operations, providing a solid foundation for the project’s success. Meanwhile, The Karahan Cos. is known for its successful development of Legacy West in Plano, which was acquired for approximately $785 million.
Plans are also on the table for two hotels on the property, although they are currently still under negotiation and not included in the existing financing structure. Additionally, a collaboration with Trammell Crow Co. aims to attract corporate tenants for potential office development on 47 acres of the site.
Economic Impact
Once operational, Fields West is projected to generate over $400 million in annual sales and purchases. This expected influx of economic activity will significantly impact the local economy, reinforcing Frisco’s status as a rapidly growing hub in the Dallas-Fort Worth area.
Overall, the progress of the Fields West project represents a major advancement in the development landscape of Frisco, promising substantial economic growth and a vibrant community hub for years to come.
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Additional Resources
- REB Business Online
- Wikipedia: Frisco, Texas
- CoStar
- Google Search: Fields West Frisco
- Community Impact
- Encyclopedia Britannica: Urban Development
- Local Profile
- Google News: Fields West Development
