$425 Million Construction Financing Secured for Fields West Development

News Summary

The Fields West mixed-use development project in Frisco, Texas has secured $425 million in construction financing from notable financial institutions. This funding will facilitate the construction within a 55-acre area of the master-planned Fields community, aiming to create a vibrant hub that includes residential units, shopping, and dining options, projected to open between 2027 and 2028. The project has gained significant retailer interest and community support, emphasizing its potential impact on the local economy.

$425 Million Construction Financing Secured for Fields West Mixed-Use Development in Frisco, Texas

The highly anticipated Fields West mixed-use development in Frisco, Texas has successfully secured a significant $425 million in construction financing. This funding comes from reputable financial institutions, including Bank of America, JPMorgan Chase, and Prosperity Bank. Fields West is part of a larger vision for a 2,500-acre master-planned community located just north of Dallas.

Project Overview

Spanning over 55 acres, the development is a major addition to Frisco’s ambitious growth plans and will feature a diverse blend of retail, dining, residential, and office spaces. Vertical construction is set to begin in the fall of 2025, with the project expected to open its doors to the public in the third quarter of 2027, continuing into 2028.

Since 2018, Fields West has been in the planning stages, and groundwork on infrastructure has already commenced as of last summer. The development aims to create a vibrant community hub that emphasizes walkability and livability.

Key Features

Upon completion, Fields West will offer approximately 350,000 square feet dedicated to shopping, dining, and entertainment, alongside 325,000 square feet of Class A office space. In addition to this, the project plans to include 1,200 residential units and hotel accommodations, although these residential elements are not covered by the current financing.

Investment and Partnership

The development is under the direction of The Karahan Companies, led by Fehmi Karahan, who is recognized for previous successful projects, like Legacy West in Plano. The site is owned in partnership with Hunt Realty Investments, alongside other stakeholders including Chief Partners and Cross Tie Capital. The city of Frisco has also shown strong support, having sold $70 million in municipal bonds for the project and pledging an additional $24.5 million in grants upon completion.

Preleasing and Retail Options

Fields West is already exhibiting strong interest, with an impressive 70% preleased status, drawing a mix of national brands, boutique retailers, and unique market entries. Notable retailers committed to the development include popular names such as Bloomie’s, Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora, and Williams Sonoma. Additionally, the culinary scene will be enhanced by renowned restaurants like Mastro’s Steakhouse, Green Point, Claremont, Mexican Sugar, Sixty Vines, and Tommy Bahama Marlin Bar.

Broader Context of Development

Fields West is a component of the extensive $10 billion Fields development community, which also includes the PGA of America headquarters and the Omni PGA Frisco Resort. Moreover, a $550 million Universal Kids Resort is currently under construction within the Fields area, projected to open next year.

Impact on the Community

Frisco’s growth trajectory continues to place it among one of the fastest-growing cities in the United States. The Fields West project is expected to generate over $400 million in annual economic activity, positively impacting businesses throughout Frisco. The integration of open spaces and community-oriented design principles in Fields West is tailored to enhance the quality of life for residents and visitors alike.

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Additional Resources

• Dallas News
• Local Profile
• Commercial Search
• Bisnow
• Wikipedia: Mixed-use development