Wade Park Not To Be Sold In Foreclosure After All
The Wade Park project in Frisco, which has suffered a series of foreclosure notices this year, might be able to resume development.
So far only two partially finished buildings exist at the 175-acre development at the Dallas North Tollway and Lebanon Road.
But despite announcements it would be, the project has not been sold at auction out of the foreclosure yet. It is possible that Newnan, Georgia-based Thomas Land & Development, which has been developing the property since it acquired the site in 2014, will be able to restructure its debt, the Dallas Business Journal reports.
The lenders are New York-based Gamma Real Estate, which reportedly holds about $82.7M in loans on Wade Park, and Bamcap Partners of Farmers Branch, with $48M. The general contractor and architect of the project also claim they are owed money.
Thomas Land executives told the DBJ that they are working to obtain new funding for the project. That would allow the company to resume construction.
Plans ultimately call for office, hotel and residential space at the property, as well as a Wood Foods grocery store and an entertainment venue.
Formerly slated to be one of the crown jewels of Frisco’s $5B Mile, Wade Park's financial fumble threw its future into uncertainty.
