Frisco Mayor Jeff Cheney invited developer Fehmi Karahan to talk about his latest project, a master plan for the 2,544-acre Bert Fields Jr. property.
Frisco Mayor Jeff Cheney invited Fehmi Karahan to lunch with some friends Wednesday to talk about the developer’s latest project. Little did Karahan realize that he would be the guest of honor at the mayor’s business roundtable.
Attendance at the quarterly event was capped at 150 people, though the mayor said hundreds more had registered to learn about Karahan’s vision for the “next big thing” in Frisco.
That project: the 2,544-acre property once owned by the late businessman Bert Fields Jr. Earlier this month, Dallas’ Hunt Realty Investments announced that it had closed on the purchase of the land.
Karahan recently partnered with that firm as a co-master developer for the site. Other partners include Chief Partners LP, CrossTie Capital Ltd. and the Fields estate.
Karahan is known for quality and high-caliber developments, Cheney said. “He doesn’t just build buildings,” the mayor said. “He builds for people.”
So what will his next project hold?
Here are six things we know so far:[/vc_column_text][vc_column_text]
1. Making zoning history
The Fields property is the biggest zoning case in Frisco’s history and likely among the biggest in the state. The land is bordered by U.S. Highway 380 to the north and Preston Road to the east. It has property on both sides of the Dallas North Tollway.
It’s 10 times the acreage of Plano’s $3 billion Legacy West development.
A chunk of land like this typically involves 30 or so landowners trying to reach consensus on how all the pieces would fit together. Having one owner “is truly unique,” Cheney said.
2. Size isn’t the only thing that matters
The Fields property is also full of character. It has topography, creek corridors, 150-foot elevation changes and visibility for miles.
“It’s some of the most beautiful property in all of North Texas,” Cheney said.
3. Shaping Frisco’s future
The property will play a role in how the entire northwest portion of Frisco gets developed.
There’s the 77-acre Lesso America shopping and mixed-use development planned along U.S. 380. A branch of the University of North Texas will be at southwest corner of Panther Creek Parkway and Preston Road. And Frisco’s industrial park at Preston Road and Rockhill Parkway is set to be purchased by Jerry Jones’ Blue Star Land LP and include a Dallas Cowboys merchandising center.
Frisco’s other large tract of undeveloped land, the Brinkmann property, sits on the east side of Preston Road across from the UNT campus site.
The Fields property “is going to shape what Frisco becomes,” Cheney said.
4. PGA isn’t out of the question
The possibility remains that the PGA of America could move its headquarters from Florida to Frisco.
The Fields property has the potential for not only the new PGA headquarters but also two 18-hole championship courses, a nine-hole course and practice facility.
When asked about PGA on Wednesday, Karahan offered up the standard “no comment.” Cheney was more diplomatic, saying, “We have a lot of exciting opportunities here in Frisco we hope to announce very soon.”
5. ‘An incredible jewel’
Cheney says Frisco is lucky to have Karahan. The 62-year-old developer had planned to step back from business after completing Legacy West. But then Frisco and the Field property project came calling.
“I said, ‘Hmmmm, maybe I’m not retiring,'” Karahan said. He called the Fields property “an incredible jewel located in an incredible place.”
It’s still too early to have a specific plan. But he pledges it will be a world-class development. The topography alone, he said, “dictates something extraordinary.”
6. Getting the public involved
Karahan hasn’t had enough time yet to create a vision for the property. But he has put out a public call for help.
The Fields property needs a name, one that can be used to brand and market the entire 2,544-acre development, no matter what ends up being built there.
“The vision is everything,” Karahan said.View Source Article