FRISCO, TX—Thomas Land & Development, through its construction partner Balfour Beatty, has broken ground on Wade Park, a 175-acre mixed-use development whose first phase is set to open in Spring 2016 at the intersection of Lebanon Rd. and the southeast corner of Dallas North Tollway here. The center will combine upscale retailers, fine-dining and entertainment venues, hotels, commercial office space and residential housing.
Developer Thomas Land purchased the property from the Wade family, a prominent local family who owned the land for more than 100 years. GlobeSt.com has learned that the estimated construction cost for the project was $1.2 billion. However, we have also learned the project was recently expanded from 110 acres to 175 acres, and construction prices have not been estimated to include the entirety of the project.
According to Stan Thomas, president and CEO of Thomas Land, “With the acquisition of additional land beyond the originally planned 110 acres, the development will eventually expand to 175 acres to substantially increase office space. We are creating a true destination center, to live, work, shop and play in a convenient and beautiful setting. We are looking forward to providing a sneak peek of Wade Park at a community event this coming fall.”
The initial 110 acres of Wade Park are currently under design by Wakefield Beasley & Associates architectural firm. The center will feature 600,000 square feet of high-end specialty retail, anchored by a 45,000-square-foot Whole Foods Market, plus premier entertainment venues for bowling, movies and nightlife; a boutique hotel; and a luxury hotel. Plans also include 2.3 million square feet of commercial office space and luxury apartments, condominiums and single-family homes. Details on other tenants signed or interested in the property were not yet available, but more information about the fall community event will be announced in the coming weeks.
In the first phase, more than 2.3 million square feet of class-A office space will be offered in buildings throughout the vast development, with an additional 65 acres to be planned for expanded office space. Wade Park will also feature 1,300 apartments and 50 condominiums, as well as 127 Charleston-style single-family homes with luxury amenities and concierge services.
Frisco’s Mayor Maher Maso, says, “A mixed-use development of this caliber is in line with our strategic goals, including attracting more destination dining and retail to the city. The planned luxury hotel and unique residential living options with excellent walkability are also important to Frisco’s sustainable development.”
According to James Gandy, president of the Frisco Economic Development Corp., “Wade Park’s planned 2.3 million square feet of commercial office space will ultimately help grow Frisco’s workforce. The FEDC’s business-attraction and expansion efforts are producing many inquiries from companies interested in relocating to, or expanding in, Frisco. This substantial addition of class-A office inventory allows a place for businesses to grow, and in turn, provide quality jobs for our highly skilled residents who want to work closer to home.”
As GlobeSt.com reported last week, the Dallas/Fort Worth office market is thriving, according to a second-quarter market report form PM Realty Group The area is characterized by significant new construction, rising asking rates and notable rent growth in more than half the submarkets. The market is exploding at the moment, with the construction pipeline increasing by 309% over the last year, to more than 5.4 million square feet under development. And even with all that new space, nearly 70% of the space has already been pre-leased. In this quarter alone, more than 1 million square feet of new construction entered the market.