One of North Texas' biggest real estate developments, which stalled and was given up for dead, could be making a comeback.
The $2 billion Wade Park mixed-use project was idled almost a year ago and has been threatened with foreclosure. But development company officials and outside sources familiar with the project status say a new funding plan is in the works to restart Wade Park.
"We are very close to having our full capital structure in place to resume construction," Kevin Case, a top officer with Wade Park developer Thomas Land & Development confirmed in an email. "We will have more we can disclose in the coming week or two." Show Full Story
Atlanta-based Thomas Land & Development has been working on Wade Park since 2014.
The 175-acre development at the Dallas North Tollway and Lebanon Road was one of the largest parts of Frisco previously called its $5 Billion Mile of projects.
Wade Park was planned to include retail space, an entertainment venue and high-rise office, hotel and residential buildings.
Thomas Land announced several major participants in the projects and did extensive site work on the property before construction halted last summer. Since then, the high-profile property has been in limbo while the developer worked on new funding.
Two lenders that provided more than $130 million in debt for Wade Park — New York-based Gamma Real Estate and Bamcap Partners of Farmers Branch — have been threatening the project with foreclosure since February. And, contractors who have worked on Wade Park have also filed more than $10 million in liens against the development for unpaid bills.
Wade Park is in an area already home to some of the Dallas area's largest mixed-use developments.
The Dallas Cowboys' new $1.5 billion Star development is just across the tollway from Wade Park. And developers are building the 240-acre, $1.5 billion Frisco Station mixed-use project next door to the Star. The $700 million Gate development in the same area has two new apartment projects and is planned for office, hotel, retail and residential development.
Together with Wade Park, all of these huge real estate projects made up what Frisco used to market as its $5 Billion Mile.
The city recently discontinued that designation.