Developers are moving forward on the defunct Wade Park project on the Dallas North Tollway in Frisco.
Construction could start in January at the site once planned for a $2 billion project but was held up by litigation, according to documents submitted to the Texas Department of Licensing and Regulation.
On October 25, the Frisco Planning and Zoning Commission approved a revised conveyance plat for a retail and restaurant building and parking garage, an urban living building with a parking garage, and six urban living residential buildings on 112 acres located at the southwest corner of Dallas Parkway and Lebanon Road, according to the Dallas Business Journal.
The project formerly called Wade Park is now being referred to as Project X, according to the city of Frisco and state documents.
The initial construction plans for the first phase of Project X will cost $138 million, with roughly 750,000 square feet of construction. The project is set for completion in May 2026.
The owner listed in the documents is FTX Development, which is based in New York City. The architectural design firm for all three pieces of the first phase is Washington, D.C.-based Torti Gallas + Partners.
In March, the original developer of the Wade Park project lost a legal battle against lenders on the high-profile development. Atlanta-based commercial real estate developer Stan Thomas and his Wade Park entity’s claim against New York-based lender Gamma Real Estate Capital included allegations, including fraud, breach of contract, money laundering, theft of trade, secrets, racketeering, and tortious interference with business relations, according to the Dallas Business Journal.
The report said that a New York federal court dismissed the fraud and other claims against the lenders with prejudice, meaning the same claim cannot be refiled.
The Project X site is located across from The Star, the $1.5 billion home of the Dallas Cowboys in Frisco. The initial project was set to become one of the largest mixed-use projects in North Texas, with a high-rise office, an entertainment venue, 1 million square feet of high-end retail space, roughly 2,400 luxury residential housing units, and five hotels.
