Friday, January 24, 2014
Big Frisco property on the tollway sells for shopping and mixed-use project
An Atlanta developer has purchased a large vacant tract in Frisco with plans to do a major mixed-use development.
Thomas Enterprises bought the 110-acre property at the southeast corner of the Dallas North Tollway and Lebannon Road. The development site is near where the Dallas Cowboys plan to build their new headquarters and practice facilities.
Developer Stan Thomas is a large and successful commercial builder that’s been working in Georgia and elsewhere since the 1980s.
After suffering some setbacks during the recession, Thomas Enterprises is expanding again with new projects at home and stretching as far away as Texas and California. The company is also building a shopping center, hotel and residential project in San Antonio.
Thomas Enterprises bought the prime Frisco tract from the Wade family, which has owned land in the area since the 1800s.
Newman Real Estate Inc. of Frisco brokered the sale and will be involved in the project, according to principal Jim Newman.
“He bought it we are working with him,” Newman said. “It will be something that’s never been seen before in North Texas.”
Newman said the urban style Wade Forum project will include high-end retail and restaurants, hotel rooms, office space, entertainment and residential.
The first phase is scheduled to open in the Spring of 2015, according to Newman.
Frisco is already home to one of North Texas’ largest concentrations of shopping center space. The Stonebriar Center mall and surrounding retail centers attract shoppers from all over Collin County and north Dallas County.
The Dallas Morning News