Frisco’s planned Fields development would have more than 10,000 homes and could ultimately be valued at more than $10 billion.
Frisco officials have gotten a first look at plans for the city’s biggest pending development, the more than 2,500-acre Fields development on the Dallas North Tollway.
The sprawling property formerly known as Headquarters Ranch was sold last year to a partnership that includes Hunt Realty, Karahan Cos., Republic Property Group, Chief Partners LP and CrossTie Capital Ltd.
After months of planning, the developers showed Frisco’s city council and its planning and zoning commission conceptual plans for the project, which is expected to cost as much as $12.7 billion.
The property stretches from Preston Road across the tollway and all the way north to U.S. Highway 380.
The massive development will have more than 10,000 homes and up to 18 million square feet of commercial space.
A 480-acre section of the project has already been sold for the PGA of America’s new headquarters, two golf courses and an Omni resort hotel.
“We have more than 2,000 acres left to develop,” said Fehmi Karahan, developer of Plano’s $3 billion Legacy West property and a partner in the new Frisco project. “This land is so big — two times the size of Love Field airport and three times of Central Park in New York.
“You have to look at this development over 15 to 20 years.”
Frisco mayor Jeff Cheney sounded upbeat about what he’s seen of the developers’ plans.
“There is still a great deal of work to be done, which will include hearing public comments, but at this point in the process, we’re very excited and equally encouraged about the Fields team’s willingness to work with us to achieve the appropriate mix of uses and product types while being flexible, yet dedicated to delivering creative designs that maintain the quality Frisco is used to,” Cheney said in an email. “The collective, overall vision takes advantage of the topography, open space and magnificent views to leverage the asset of the PGA of America.
“We were very pleased to see such a thoughtful, aspirational ‘first look’ at what Frisco’s northern corridor will become.”
The developers named the huge mixed-use project after the land’s previous owners. The Fields family began buying up the land in Collin County north of the sleepy farm town of Frisco in the 1950s and 1960s. For decades, it was used for a cattle ranch.
Now it’s the largest undeveloped section of Frisco, one of the country’s fastest-growing communities.
The new owners hired New York and San Francisco-based land planning firm Hart Howerton to do a plan for the Fields project.
Last week the developers previewed the work for Frisco government leaders.
“It was a session where we could iron out a lot of details related to the overall master planning and listen to the city leaders’ vision and desire,” Karahan said. “With such a large project that has such an impact on the city’s future, we don’t want anyone to be caught off guard.”
Preliminary plans for the Fields development show three new residential communities that would be built on the east and west sides of the property on Legacy Drive and Preston Road.
At the heart of the development along the tollway, the developers plan to build a large commercial district. Another commercial complex would be built on U.S. 380.
Karahan said the high-rise “city center” along the tollway would have a mixed-use commercial, retail and residential complex similar to Legacy West. There will also be property for corporate office campuses.
More than 30,000 people could ultimately work on the Fields site.
“Our goal is for that to be a new destination in the Metroplex for a company looking for a headquarters,” he said. “If another Toyota comes to town and needs 100 acres, we can accommodate them.
“It will be a Legacy West style development in the urban core,” Karahan said. “We are showing our ability to accommodate all kinds of things.”
Karahan said that the developers are working with Frisco’s planning department staff and hope to make a formal zoning request later this summer.
Site work could start on some of the Fields property as early as next year.
“We want to be able to get off the ground with residential products and a building site if we can attract a big company,” Karahan said.
The project is being planned for everything from large estate homes near the golf courses to urban-style apartments in the city center.
“We need to have a diversity of housing,” Karahan said. “This land has incredible topography.
“There are lots of high points and creeks running through it.”
Development plans for the Fields development show several greenbelts and multiple small lakes on the property. The entire project is connected with walking trails.
And of course the PGA of America golf courses on the northwest corner of the land will have water and mostly open areas.
“The PGA has their first tournament scheduled in 2023, and they want to open their headquarters in 2022,” Karahan said. “And the Omni hotel needs to be open at that time.
“There is so much demand for housing around the golf course that it will be an immediate development for us.”View Source Article