$425 Million Construction Financing Secured for Fields West Development

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

The Fields West mixed-use development in Frisco, Texas has successfully secured $425 million in construction financing from a trio of financial institutions, including Bank of America, JPMorgan Chase, and Prosperity Bank. This significant funding will enable the project to move forward with its ambitious plans to create a vibrant community hub in one of the fastest-growing cities in the United States.

Details of the Project

Fields West spans approximately 55 acres and is set within the larger 2,500-acre Fields master-planned community located north of Dallas. The development has been in the planning stages since 2018, and while vertical construction is slated to kick off in the fall of 2025, horizontal construction on infrastructure has already been underway since last summer.

Construction Timeline and Expected Openings

The opening phases of Fields West are projected to begin in the third quarter of 2027 and will continue into 2028. This anticipated timeline aims to align with the growing needs of Frisco’s population and delivers a mix of amenities and residential options. While the project will include approximately 1,200 residential units and hotel accommodations, these elements are not part of the current financing package.

Project Features and Amenities

At full build-out, Fields West will encompass 350,000 square feet of shopping, dining, and entertainment options, along with 325,000 square feet of Class A office space. This diverse range of offerings will undoubtedly attract both residents and visitors alike. As of now, the development is reported to be 70% preleased, featuring a combination of national brands, boutique retailers, and several first-to-market locations.

Retail and Restaurant Partnerships

Several notable retailers have already committed to Fields West, including recognized brands like Bloomie’s, Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora, and Williams Sonoma. Additionally, the project will feature a variety of dining options with commitments from popular establishments such as Mastro’s Steakhouse, Green Point, Claremont, Mexican Sugar, Sixty Vines, and Tommy Bahama Marlin Bar.

Leasing Efforts and Community
Involvement

Leasing efforts are being spearheaded by Rand W. Horowitz of SHOP Cos. for retail spaces and David K. Reed of CBRE for the office leasing components. Fields West is developed in partnership between The Karahan Cos. and Hunt Realty Investments, with involvement from Chief Partners, Cross Tie Capital, and the city of Frisco.

In a show of commitment to the project, the city of Frisco has sold $70 million in municipal bonds to support development initiatives and plans to provide an additional $24.5 million in grants upon completion, underscoring the city’s dedication to enhancing its community environment.

Impact on the Local Economy

The development of Fields West is anticipated to greatly benefit Frisco’s economy, with projections estimating that it will generate over $400 million in annual sales and purchases within the region. This significant influx of business activity will play a crucial role in supporting local jobs and attracting more residents to the area.

Integration of Community Principles

Fields West will incorporate principles of open space, walkability, and livability in its design, aiming to create a vibrant and accessible community hub that aligns with the needs of current and future residents. This focus on community integration aligns with Frisco’s broader goals of fostering an engaging and sustainable living environment.

Continuing Development in Frisco

With Fields West being part of a larger $10 billion Fields development community, which includes prestigious projects such as the PGA of America headquarters and Omni PGA Frisco Resort, Frisco is actively transforming into a bustling metropolitan area. The ongoing construction of a $550 million Universal Kids Resort, set to open next year, further highlights the city’s growth trajectory and investment in family-friendly attractions.

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Additional Resources

• Dallas News
• Local Profile
• Commercial Search
• Bisnow
• Wikipedia: Mixed-use development