The developer of the idled Wade Park project in Frisco says he expects to secure financing through JPMorgan (NYSE: JPM) within 30 days to set the $2 billion venture back in motion. Show Full Story
Stan Thomas of Atlanta-based Thomas Land & Development made the comment in an interview with the Nashville Business Journal, a sister publication to the Dallas Business Journal. You can read it here.
The Tennessee publication also wrote about Thomas’ mixed record with giant projects.
The Nashville investigation focused on a stalled, high-profile mixed-use project there called Ovation, which is expected to have a $1 billion-plus price tag.
Ovation, like Texas' Wade Park, is being developed by Thomas and is dormant with a series of foreclosures dating back months.
Thomas Land & Development has been working on the 175-acre Wade Park project since 2014.
The development at the Dallas North Tollway and Lebanon Road was one of the largest parts of what Frisco previously called its $5 Billion Mile of commercial real estate projects.
Wade Park, as planned, would have a Whole Foods Market, a luxury movie theater, office towers, 2,800 apartments and 500 hotel rooms. Financing problems forced Thomas to stop construction more than a year ago, leaving a huge excavated hole and two partially constructed buildings.
Thomas’ lenders have declared him in default on $130 million of loans. His general contractor and his architect allege that Thomas owes them about $9 million combined.
Officials with Thomas Land & Development have said they are working to obtain new funding for the project.
Thomas told the Nashville Business Journal that the challenges with Wade Park were the main reason his project here has not advanced.
“That was such a big burden that I had to go solve," he said of Wade Park. "It’s massive, even compared to Ovation.”