$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 Secured for Fields West Mixed-Use Development in Frisco

The anticipated Fields West Mixed-Use Development in Frisco, Texas has successfully secured $425 million in construction financing from prominent financial institutions including Bank of America, JPMorgan Chase, and Prosperity Bank. This substantial funding marks a significant step forward in the project, which is part of a larger master-planned community that spans 2,500 acres located north of Dallas.

Construction Timeline and Project Overview

Vertical construction on the Fields West project is slated to begin in the fall of 2025, with openings expected to commence in the third quarter of 2027 and continuing into 2028. The project has been in the planning stages since 2018, and groundwork on infrastructure has already been underway since last summer.

Covering a sprawling 55 acres, Fields West aims to offer a vibrant mix of shopping, dining, and entertainment, with plans for 350,000 square feet dedicated to commercial spaces. The development will also feature 325,000 square feet of Class A office space once fully built out. Additionally, the project plans to introduce approximately 1,200 residential units and hotel accommodations, although these components are not included in the current financing.

Development Leadership and Partnerships

The development is being spearheaded by Fehmi Karahan, the president and CEO of The Karahan Cos., a company with a history of successful projects, including the Legacy West in Plano. The Fields West property is owned by a joint venture involving The Karahan Cos. and Hunt Realty Investments, with additional partnerships including Chief Partners and Cross Tie Capital, as well as support from the city of Frisco.

To facilitate this ambitious venture, the city of Frisco sold $70 million in municipal bonds and plans to allocate $24.5 million in grants to support the project upon its completion. This collaboration emphasizes the city’s commitment to enhancing local economic development.

Preleasing Success and Retail Commitments

In a promising sign for the development, Fields West is already 70% preleased with a mix of national brands, boutique retailers, and first-to-the-market locations. Notable retail commitments include well-known names such as Bloomie’s, Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora, and Williams Sonoma. In terms of dining options, the development has secured commitments from distinguished restaurants like Mastro’s Steakhouse, Green Point, Claremont, Mexican Sugar, Sixty Vines, and Tommy Bahama Marlin Bar.

Leasing and Broader Development Context

Retail leasing is being managed by Rand W. Horowitz of SHOP Cos., while office leasing efforts are led by David K. Reed of CBRE. Fields West is not just a standalone project; it represents a crucial part of the overall $10 billion Fields development community, which also encompasses the PGA of America headquarters and the Omni PGA Frisco Resort. Additionally, a $550 million Universal Kids Resort is currently under construction within the same development, anticipated to open next year.

Economic Impact and Community Integration

Frisco has rapidly gained recognition as one of the fastest-growing cities in the United States, with numerous large-scale projects currently underway. The development of Fields West is expected to generate over $400 million in annual sales and purchases throughout the area, creating significant economic opportunities for the local community.

With a focus on principles such as open space, walkability, and livability, the Fields West project aims to integrate seamlessly into the surrounding community, enhancing the quality of life for residents and visitors alike.

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Additional Resources

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