A New York-based lender that took control of one of Frisco's highest-profile properties says it's slowly moving forward with plans for the huge project.
But original owner Thomas Land & Development won't be part of the Wade Park development, according to officials with Gamma Real Estate, which loaned $150 million on the Wade Park site.
"After he was in default on the loan from Gamma Real Estate for more than a year, Stan Thomas' entity conveyed the property by deed in lieu of foreclosure," said Gamma Real Estate president Jonathan Kalikow. "Stan Thomas has no remaining interest in Wade Park."
Kalikow said his firm has been working to revive the 175-acre development on the Dallas North Tollway.
It's been more than two years since work halted on the $2 billion project that was planned to include high-rise offices, hotels, apartments and retail space.
Ground was broken for high-rise mixed-use development in 2014, with the first phase of construction scheduled to open in 2016. But the project ran into delays and finally ground to a halt.
Since 2017, the prominent Frisco property has sat with a big hole in the ground and a few half-finished buildings. In February, ownership of the property changed to a new partnership.
But Atlanta-based developer Thomas said he's continued to work on resurrecting the deal.
"We are real, real close," Thomas said this week. "Hopefully I can tell you something in the next week or two."
Kalikow said the Wade Park development will no longer include Thomas Land & Development.
"We are in the process of determining the best path forward," Kalikow said. "It is not a path that includes Stan Thomas. We have been in communication with Frisco. Things are in progress."
Real estate brokers and developers say that representatives have quietly shopped the Wade Park property around to see if another builder or investor would like a crack at the deal.
Wade Park was once the biggest part of Frisco's highly touted $5 billion mile.
While other major developments nearby — including the Dallas Cowboys' Star complex, Frisco Station and The Gate — have moved ahead with construction, Wade Park has been stalled.
Kalikow said Gamma Real Estate is still committed to the project, which is considered one of Frisco's most prime properties.
"Absolutely," he said. "We want to have all our ducks in a row."
Frisco officials say they are talking with the firm.
"We're very encouraged to learn Wade Park has a new property owner," Frisco Mayor Jeff Cheney said in a statement. "During the first week in August, city staff met face-to-face with Gamma Real Estate executives, who are representatives of the new owner, stating they're committed to cleaning up the property and ensuring the site is secure.
"The Gamma team also tells us they're working with potential developers," Cheney said. "This property is in a prime location and we're hopeful Gamma Real Estate will be successful in securing a new developer who will transform the area to its fullest potential."
ARTICLE PROVIDED BY: THE DALLAS MORNING NEWS
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