Wade Park has a new owner, but the fate of the unfinished 175-acre mixed-use development remains uncertain.
An entity called WP Development Partners LLC obtained the deed for Wade Park’s land, according to Collin County records dated Feb. 21. Thomas Land & Development, which filed records as Wade Park Land LLC in Collin County, was the previous owner. Show Full Story
Stan Thomas, Thomas Land & Development CEO, said this is a positive step toward securing financing for the development and will allow the project to move forward. He said he could not comment further but that more details would be shared soon.
The development had been facing foreclosure for about a year after construction stopped and contractors and suppliers began filing liens for unpaid services and materials in 2017. The liens now total more than $23 million, and the development last faced foreclosure in February. The deed was not sold at that foreclosure sale.
The deed says the transfer of ownership does not relinquish the liens or prevent another foreclosure sale.
The shells of buildings stand where construction had begun on the first phase of Wade Park. The development was expected to include 600,000 square feet of retail space anchored by a 45,000 Whole Foods Market as well as office and residential space.
Many of the previously announced commercial tenants, such as Hotel ZaZa, have since abandoned the development or have opened elsewhere in Frisco.