Everything is bigger in Frisco with the look of a 2,500-acre “developer’s dream” site off Legacy Drive that includes homes, apartments, a lake, parks, offices, and a hotel.
The $10 billion Fields project was announced nearly a year ago and developers signed on Taylor Morrison Holmes as the first builder. Republic Property Group and Crow Holdings Industrial also purchased land on the property near Panther Creek Parkway and Legacy Drive, and Marriott International said he signed a deal for the Ritz-Carlton hotel in April.
Divided in two by the Dallas North Tollway, the site borders on the 550 acres purchased by TRT Holdings. New PGA of America Headquarters, two PGA 18-hole golf courses, and the Omni PGA Frisco Resort. That his $600 million project began operations earlier this year.
The “city within a city” land was purchased in 2018 and assembled by master developer Femi Callahan. Legacy Town Center When Legacy West Urban village of Plano.The Frisco site dwindled his previous project and inspired Callahan to team up hunt real estate investment Doing what he said could take at least ten years to complete.
“That’s the equivalent of 2,000 football fields,” Callaghan said. CandysDirt.com In an exclusive interview on Friday. “Fields is 11 times the size of Legacy West. It’s bigger than downtown Dallas. , the demand is very high, it’s going to be expensive, the definition is constantly changing, so it’s not affordable, but with our zoning, the so-called no center”
Dallas-based Hunt Realty purchased the property from the estate of the late Bert Fields, Jr. after seeking Callahan’s advice on whether it was a good investment.
“The Hunt family have been friends of my family for a long time,” Callaghan said. “We were approached and decided that this was a great property in a fast-growing area of Dallas, Donut Hole. They said it was music to their ears – and off we went.
House and More Houses
The residential portion of the Fields is subdivided into nine Villages Neighboring areas such as Brookside, The Preserve, East Village, University Village and Northfield.
Fields West includes retail, restaurants, entertainment venues, office space, three hotels including the Ritz-Carlton, and 2,800 apartments.
Taylor Morrison Homes is currently on site with plans to develop 490 lots in Brookside Village.
“Other than the stylized homes, the details of these homes have been carefully selected,” the project description said. fieldsfrisco.com.
Fields Partnership officials are constructing and connecting roads in the area to accommodate the expected increase in traffic. Callaghan said housing construction is expected to begin by the end of the year.
Keith Hurand, president of the Dallas division of Taylor Morrison Homes, said his Arizona-based company is planning 500 single-family homes. Callahan said he expects new owners to move to Brookside by October 2023. After that, the momentum should continue with other builders currently in contract to purchase segments of the land at other stages of development.
“We have a lot of deals in the pipeline,” Callaghan said. “There are multiple villages in our development on the east side of the highway. At University Village, another local homebuilder will build his 810 homes in the next eight to 10 months. is.”
According to zoning, the large Fields development can build 5,000 homes.
Callahan expects to see a total of about 3,500 single-family homes representing a variety of price points and styles, including Brookside’s $700,000 home and The Preserve’s $2.5 million to $10 million custom homes. said it does.
“There is certainly a shortage of housing,” said the developer. “Housing construction has slowed as interest rates and mortgage rates have risen and construction costs have skyrocketed. Timber prices are Dropped Significantly. The hope is that it will help with construction costs and pass on to homebuyers. Eastern townhomes fall into the missing middle category. ”
Preserve Village is the crown jewel surrounding two PGA golf courses. Features multi-million dollar custom homes.
“We should start developing the platform within 10 months,” said Karahan. “There will be two phases and 11 customs. builders Handpicked by my partnership. ”
The Preserve is the only gated community within Fields, he added.
According to the developer, mixed use will be appealing to residents of Frisco, Prosper, Selina, and surrounding areas, who wouldn’t want to take the highway to Plano and eat at a restaurant. , the large premises are also attractive for businesses. Legacy Westfeatures high-end shop Chanel, Tiffany & Co., luxury hotels, Toyota North America headquarters, etc.
“North Texas continues to attract talent, and companies want to move to North Texas,” Callaghan said. “Mixed use brings comfort to all residents. These projects attract businesses.”
A student dormitory village is also being built nearby University of North Texas at Frisco Campuses are located on Preston Road and Panther Creek Parkway.
Approximately 200 acres of land along the toll road are designated mixed-use for the Fields West Phase. The area includes three hotels, retail stores, restaurants, urban living apartments, offices and retail stores.
The development also includes over 250 acres of open space, a 75-acre series of lakes, and 25 miles of hiking and biking trails.
“We have incredible terrain like no other,” said Callaghan. “Our land has lots of hills and landscapes, and lakes run through it. We protect these natural resources.”
It wasn’t just the vast land and unique terrain that made Frisco attractive to Callahan and his development team.
“There’s a lot that Frisco has to offer,” Callaghan said. “It has been voted the best city to live in for the last 10 to 15 years. He is one of the safest cities and has some of the best schools in the state. It’s very attractive to build.”
The developer has built strong relationships with city officials and elected officials, he added.
“Congress and city officials have been very supportive and collaborative with us at all levels,” Callaghan said. “It’s based on our track record. Everyone wants to have a Legacy West in their community. I’m 66 and have been doing this for a long time. We have a good reputation.” The city knew what we were capable of.”
Mayor of Frisco Jeff Chaney Fields said the development will reimagine the way people think about their neighborhoods and communities.
“Fields will be home to thriving businesses and restaurants, dream homes and beautiful neighborhoods, top schools, world-class parks and open spaces,” he said. “If that wasn’t enough, the new PGA headquarters and North he’s at the University of Texas at Frisco are calling Fields home. I can’t wait.”