Construction will soon commence on a Wade Park project situated along the Dallas North Tollway in Frisco, Texas. The property was abandoned by the previous developers who left several half-finished buildings on-site and a huge hole in the ground. But the new developers, JVP Management and Torti Gallas are working on replacing the failed project with a mixed-use development.
Last November, the developers submitted their initial development plans to the Frisco City Council and the Planning and Zoning Commission. Their proposal for the Wade Park Project included 700 hotel units, 2,800 multi-family homes, and a 1.9-million-square-foot office space. In addition, the plan also covered the development of a 455,000-square-foot retail component.
Development plans for the Wade Park Project
According to Frisco Mayor Jeff Cheney, the developers are currently working with the city on their revised site plan. He spoke on the developer’s plans to include Whole Foods, along with more retail and a medical office building on-site. In order to accomplish this goal, Cheney said the said developers plan to build the entirety of Phase 1 at the same time. The mayor said the city is looking forward to the Wade Park Project restarting construction by early next year.
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The Frisco Planning and Zoning Commission recently approved a carriageway for the 270-acre Wade Park Project site. This new addition provides enough room for retail and restaurant buildings, as well as apartments and a parking garage. On top of that, the development site will also include six residential buildings and free space.
A JVP partner, Van Nguyen mentioned that the hole in the ground was the biggest challenge for the Wade Park Project. He said plans for the hole were still in progress and could cost anywhere from $ 25 million to $ 85 million. But in the meantime, it will have to be preserved while the construction is underway. The developers expect construction to commence by late January and take about three years to be completed.
