News Summary
Fields West, a 55-acre mixed-use project in Frisco, Texas, has secured a $425 million construction loan. The funding, facilitated by Hunt Realty Investments and The Karahan Cos., will contribute to a project estimated at $2 billion. With plans for 350,000 square feet of retail and dining space as well as offices, Fields West aims to become a vibrant community hub, supporting significant local economic growth. Various notable brands are set to occupy the space, with a projected opening for components by 2028.
Fields West Development in Frisco Secures $425 Million Construction Loan for Mixed-Use Project
A significant milestone has been reached in the development of Fields West, a _55-acre mixed-use project_ in Frisco, Texas, with the announcement of a _construction loan totaling $425 million_. This funding has been secured through a partnership between Hunt Realty Investments and The Karahan Cos., supported by a consortium that includes Bank of America, J.P. Morgan Chase, and Prosperity Bank. In addition to these private investments, the City of Frisco has contributed by selling _municipal bonds valued at $70 million_.
Unveiled in 2022, Fields West is part of the expansive _2,500-acre Fields master-planned community_. The total projected cost for this ambitious project is estimated at _around $2 billion_. The developers plan to create a vibrant space that includes _350,000 square feet of shopping, dining, and entertainment_, alongside _325,000 square feet of Class A office space_. Already, the construction of various retail, restaurant, and entertainment facilities is actively underway.
Design and architectural responsibilities for the Fields West project are entrusted to Gensler, a well-respected firm in the field. Construction efforts are progressing with the first components expected to open between the _third quarter of 2027 and early 2028_. Currently, approximately _70% of the commercial space has already been preleased_ to an impressive mix of both national brands and boutique retailers.
Among the notable retail tenants of the project are _Bloomie’s, a Bloomingdale’s concept_, alongside popular brands like Alo Yoga, Kendra Scott, Pottery Barn, Sephora, and Williams Sonoma. On the dining side, several exciting concepts have committed to the Fields West project, including Green Point, Claremont, Mexican Sugar, Sixty Vines, and the Tommy Bahama Marlin Bar. Additionally, a new location for Mastro’s Steakhouse will mark its debut in the Dallas-Fort Worth metroplex within this development.
To efficiently lease out the retail component of Fields West, SHOP Cos. has been enlisted, while CBRE takes on the responsibility of leasing the office spaces. Hunt Realty Investments has a well-established history in real estate development, acquisition, and operations spanning over _40 years_. Meanwhile, The Karahan Cos. is recognized for its success in developing Legacy West in Plano, which was sold for _a notable sum of $785 million_ to Kite Realty Group and GIC.
Plans for Fields West also include provisions for _two hotels_, for which negotiations are ongoing and are not yet part of the current construction financing. In addition, a partnership with Trammell Crow Co. will focus on attracting corporate tenants for potential office development on an additional _47 acres_ of the site.
Once fully operational, Fields West is projected to be a significant economic contributor, expected to generate over _$400 million in annual sales and purchases_, thereby having a substantial impact on the local economy. This development marks a major step forward for Frisco and exemplifies the potential for transforming urban spaces into vibrant community hubs, combining leisure, work, and retail in a cohesive, well-designed environment.
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Additional Resources
- REB Business Online
- Wikipedia: Frisco, Texas
- CoStar
- Google Search: Fields West Frisco
- Community Impact
- Encyclopedia Britannica: Urban Development
- Local Profile
- Google News: Fields West Development
