Developer of Frisco's stalled Wade Park expects project to move forward

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.