FRISCO, TX—Thomas Land & Development,through its construction partner Balfour Beatty,has broken ground on Wade Park, a 175-acremixed-use development whose first phase is set toopen in Spring 2016 at the intersection of Lebanon Rd. and thesoutheast corner of Dallas North Tollway here. The center willcombine upscale retailers, fine-dining andentertainment venues, hotels,commercial office space andresidential housing.

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Developer Thomas Land purchased the property from the Wadefamily, a prominent local family who owned the land for more than100 years. GlobeSt.com has learned that the estimatedconstruction cost for the project was $1.2billion. However, we have also learned the project was recentlyexpanded from 110 acres to 175 acres, and construction prices havenot been estimated to include the entirety of the project.

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According to Stan Thomas, president and CEO ofThomas Land, “With the acquisition of additional land beyond theoriginally planned 110 acres, the development will eventuallyexpand to 175 acres to substantially increase office space. We arecreating a true destination center, to live, work, shop and play ina convenient and beautiful setting. We are looking forward toproviding a sneak peek of Wade Park at a community event thiscoming fall.”

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The initial 110 acres of Wade Park are currently under design byWakefield Beasley & Associates architecturalfirm. The center will feature 600,000 square feet of high-endspecialty retail, anchored by a 45,000-square-footWhole Foods Market, plus premier entertainmentvenues for bowling, movies and nightlife; a boutique hotel; and aluxury hotel. Plans also include 2.3 million square feet ofcommercial office space and luxury apartments,condominiums and single-familyhomes. Details on other tenants signed or interested inthe property were not yet available, but more information about thefall community event will be announced in the coming weeks.

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In the first phase, more than 2.3 million square feet of class-Aoffice space will be offered in buildings throughout the vastdevelopment, with an additional 65 acres to be planned for expandedoffice space. Wade Park will also feature 1,300 apartments and 50condominiums, as well as 127 Charleston-style single-family homeswith luxury amenities and concierge services.

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Frisco's Mayor Maher Maso, says, “Amixed-use development of this caliber is in line with our strategicgoals, including attracting more destination dining and retail tothe city. The planned luxury hotel and unique residential livingoptions with excellent walkability are also important to Frisco'ssustainable development.”

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According to James Gandy, president of theFrisco Economic Development Corp., “Wade Park'splanned 2.3 million square feet of commercial office space willultimately help grow Frisco's workforce. The FEDC'sbusiness-attraction and expansion efforts are producing manyinquiries from companies interested in relocating to, or expandingin, Frisco. This substantial addition of class-A office inventoryallows a place for businesses to grow, and in turn, provide qualityjobs for our highly skilled residents who want to work closer tohome.”

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As GlobeSt.com reported last week, the Dallas/Fort Worthoffice market is thriving, according to a second-quarter marketreport form PM Realty Group The area ischaracterized by significant new construction, rising asking ratesand notable rent growth in more than half the submarkets. Themarket is exploding at the moment, with the construction pipelineincreasing by 309% over the last year, to more than 5.4 millionsquare feet under development. And even with all that new space,nearly 70% of the space has already been pre-leased. In thisquarter alone, more than 1 million square feet of new constructionentered the market.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.