A highly anticipated development north of Dallas is full speed ahead after securing nearly half a billion dollars in construction loans.
Fields West, a 160-acre development in Frisco, recently secured a $425 million construction loan from Bank of America, JPMorgan Chase and Prosperity Bank.
The funds will be used to finance the project’s 55-acre first phase, a mixed-use component currently under construction that will deliver 350,000 square feet of retail space, and 325,000 square feet of office space, 1,140 apartments and eight parking garages.
“We will gradually roll out our openings, starting with the northern portion around fall of 2027 and moving south, with everything anticipated to be open by the first quarter of 2028,” said Fehmi Karahan, president and CEO of The Karahan Cos., the Dallas firm that owns the property alongside Hunt Realty Investments, also based in Dallas.
D-FW Real Estate News
A map highlighting the 55 acres currently under construction of the 160-acre Fields West development in Frisco. Dallas firms Karahan Cos., and Hunt Realty Investments own the property and are the master developers.(Courtesy of The Karahan Cos.)
As part of a development agreement, the project will be additionally financed in part with $70 million in municipal bonds the city of Frisco sold in late June.
Another $24.5 million in grants will be awarded to the developer by the city upon completion of the entire Fields West development.
Several companies have already put pen to paper on leases at Fields West, including Bloomie’s, a smaller-format store by luxury retailer Bloomingdales. Other retailers include Kendra Scott, Pottery Barn, Sephora and Williams Sonoma, among others.
“We’re 70% leased before we’ve gone vertical — that shows you the strength of the growth in North Dallas,” Karahan said.
Rand Horowitz, founding partner of SHOP Companies, which is leasing the retail component at Fields West, said momentum at the development “has been nothing short of extraordinary.”
Two hotels are also proposed for the property, which Karahan said are still being negotiated and are outside the scope of the current construction financing.
The development is also partnered with Trammell Crow Co., owned by Dallas-based commercial real estate giant CBRE, to recruit corporate tenants for 47 acres of potential office development at Fields West.
Fields West is part of the master-planned Fields development, a $10 billion project spanning 2,500 acres, where a Universal Kids Resort is under construction. It’s also the site of PGA of America’s new headquarters.
In May, a joint venture including Indiana-based Kite Realty Group and GIC, a Singapore company, acquired Legacy West, another Karahan Cos. project for $785 million. The project was 98% leased and corporate tenants at the property included Boeing and Toyota.