The developer of North Texas’ prime genuine estate challenge — Plano’s Legacy West — is hoping to repeat that achievements with a additional than $2 billion mixed-use task in Frisco.
Legacy West developer Fehmi Karahan is teaming with Hunt Realty Investments to build a 180-acre combined-use venture on the Dallas North Tollway in close proximity to PGA of America’s new headquarters. It will be element of Frisco’s far more than 2,500-acre Fields progress.
Termed Fields West, the venture at Panther Creek Parkway will consist of 325,000 square ft of retail, restaurant and entertainment area, 2,800 residences, much more than 4 million sq. toes of places of work and three accommodations.
The Fields West developers have inked an arrangement with Marriott Intercontinental Inc. for a Ritz-Carton Hotel.
The formidable Frisco advancement is extra than 3 occasions the measurement of the preferred Legacy West Urban Village, which opened 5 years in the past in Plano and has turn out to be a person of North Texas’ most busiest eating and buying places. 1000’s of people today live in the apartments and condominiums in Legacy West on the tollway.
Karahan headed the group of builders who bought a lot more than 240 acres in 2014 bordering J.C. Penney’s Plano headquarters to develop Legacy West, which now incorporates Toyota’s North American headquarters and offices for JPMorgan Chase, Liberty Mutual Insurance and FedEx Place of work.
Karahan predicts that Frisco’s Fields West progress will be an even even bigger draw for new company.
It is about 8 miles north of Legacy West.
“The desire we are obtaining from stores before we even announced the task is brain-boggling,” Karahan mentioned. “They see the demographics and growth in the region and want to be there.
“This becomes the subsequent significant retail hub,” he explained. “The people from Celina, Prosper, Gunter and Sherman are not going to go all the way south on the tollway to Plano.”
Frisco’s Fields job, which stretches concerning Preston Road and U.S. Freeway 380, is planned to have as numerous as 14,000 homes and apartments moreover business area. It is a advancement of Hunt Realty, Karahan Cos., Main Companions LP, CrossTie Money Ltd. and the heirs of property owner Bert Fields Jr.
1000’s more residences are getting created and men and women shifting to communities stretching north of Frisco into Collin and Denton counties.
Collin and Denton counties were between the best 10 counties in the place with the most populace progress in 2021, according to details from the U.S. Census Bureau.
“There is an massive total of growth having position,” Karahan reported. “We’re in the proper area for this improvement.”
Karahan reported the developers approach to debut plans for Fields West at next month’s global searching heart meeting in Las Vegas.
“That’s in which all people will get a very first seem at the task,” he mentioned.
Dallas’ Shop Cos. is leasing the retail in Fields West, which is remaining designed by architect Gensler.
The developers hope to open up the initially phase of the undertaking in late 2024.
“We are now going in full velocity with this improvement,” Karahan mentioned.
The just-completed settlement with Marriott is a key accomplishment, he mentioned. “The Ritz-Carlton will be the to start with five-star hotel in the northern portion of D-FW.”
Karahan Cos. labored with Marriott on its former Legacy developments in Plano.
“I and my staff are extremely fired up to be doing work with Fehmi when yet again, and now with the Hunt workforce as perfectly, on these a incredible undertaking like the 2,500-acre blended-use Fields enhancement in Frisco,” Tom Brinkman, Marriott’s main progress officer mentioned. “The proposed Ritz-Carlton will serve as a critical component of Fields.”
Hunt Realty and Karahan Cos. bought the residence — the most significant undeveloped land in Frisco — in 2018 from the estate of the late businessman Bert Fields Jr.
They’ve invested the very last four yrs planning the $10 billion improvement, which includes the PGA headquarters, an Omni resort and vacation resort and countless numbers of new homes.
Fields West is one particular of 3 mixed-made use of enhancement districts prepared in the massive land challenge.
“We are committed to making Fields West the best-in-class city retail, restaurant and enjoyment vacation spot in North Texas to build a powerful selection for relocating company CEOs and new citizens, far too,” Hunt Realty CEO Chris Kleinert explained in a assertion. “Employers and shoppers are very complex and discerning and, with the Ritz-Carlton as our anchor, we consider we can present the greatest ‘stay, engage in and live’ option in North Texas.”
Along with the new Fields West elaborate, Karahan and Hunt Realty have lately bought land in their Frisco project to homebuilders Taylor Morrison Homes and Republic Assets Group and warehouse builder Crow Holdings Industrial.