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 Fields West development project in Frisco, Texas, has successfully obtained construction financing totaling $425 million from notable financial institutions, including Bank of America, JPMorgan Chase, and Prosperity Bank. This funding will allow the long-anticipated mixed-use development to proceed with vertical construction expected to begin in the fall of 2025. Opening dates for various components of the project are slated for the third quarter of 2027, with continued openings extending into 2028.
Covering an impressive 55 acres, Fields West is part of a much larger 2,500-acre master-planned community located north of Dallas. The planning for Fields West has been ongoing since 2018, with horizontal construction on key infrastructure already in progress since last summer.
At full completion, Fields West will encompass 350,000 square feet dedicated to shopping, dining, and entertainment, alongside 325,000 square feet of Class A office space. Additionally, the plans include around 1,200 residential units and hotel space, though the latter is not covered under the current financing agreement.
Leading the development is Fehmi Karahan, who is known for his work on the Legacy West project in Plano. The project is a joint venture between The Karahan Companies and Hunt Realty Investments. Other key partners in the initiative include Chief Partners, Cross Tie Capital, and the city of Frisco, which has shown commitment to supporting the project through financial means.
The city of Frisco has issued $70 million in municipal bonds to back Fields West and plans to provide an additional $24.5 million in grants upon its completion. This support underlines the city’s commitment to fostering economic growth and enhancing community development.
Excitingly, Fields West is already 70% preleased to a diverse mix of national brands and boutique retailers, as well as unique, first-to-the-market locations. Retailers that have committed to setting up shop at Fields West include well-known names such as Bloomie’s, Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora, and Williams Sonoma. A range of restaurants is also on board, featuring establishments like Mastro’s Steakhouse, Green Point, Claremont, Mexican Sugar, Sixty Vines, and Tommy Bahama Marlin Bar.
In terms of commercial leasing, Rand W. Horowitz of SHOP Companies is in charge of retail leasing, while David K. Reed of CBRE is leading the efforts for office leasing.
Fields West is an integral part of the $10 billion Fields development community, which also includes notable projects such as the PGA of America headquarters and the Omni PGA Frisco Resort. Additionally, a $550 million Universal Kids Resort is currently under construction within the Fields development, with an expected opening next year.
Frisco holds the recognition of being one of the fastest-growing cities in the United States, marked by a wave of large-scale projects enriching the local landscape. With the development of Fields West, it is projected to inject over $400 million into annual sales and purchases throughout Frisco, thus playing a vital role in the area’s economic expansion.
The design and planning of Fields West prioritizes principles of open space, walkability, and livability, demonstrating a strong commitment to improving the quality of life for residents and visitors alike in this bustling city.
Deeper Dive: News & Info About This Topic
Additional Resources
