DFW Mixed-Use Project Lands $425M Construction Loan

Fields West, a 55-acre mixed-use project that will be located in the heart of a 2,500-acre master-planned community north of Dallas, is moving forward in Frisco, Texas, with $425 million in construction financing. Bank of America, JPMorgan Chase and Prosperity Bank provided the loan for the shopping and dining district of the future urban village.

The district’s vertical construction is expected to start in the fall with openings slated to begin in the third quarter of 2027 and continue into 2028. Fields West has been in the planning stages since 2018. Horizontal construction—work on infrastructure—began last summer.

Fields West will comprise 350,000 square feet of shopping, dining and entertainment as well as 325,000 square feet of Class A office space at full build-out. About 1,200 residential units and hotel space are planned for the development as well but are not part of this construction financing.

Fields West’s development partnership

Fehmi Karahan, president & CEO of The Karahan Cos., is leading the development of Fields West. Karahan is known for creating the $3 billion, 245-acre Legacy West in Plano, one of North Texas’ most successful mixed-use developments.

The Dallas-based firm owns the property in a joint venture with Hunt Realty Investments. The two companies are also partners on the larger Fields master-planned community. Other partners in Fields West include Chief Partners and Cross Tie Capital, but also the city of Frisco.

The city recently issued $70 million in municipal bonds for the project as part of its public-private partnership with the Fields West team. The project is also expected to receive $24.5 million in grants from the city upon completion, according to The Dallas Morning News.

Strong preleasing underway

The mixed-use development is already 70 percent preleased by a variety of national brands, boutique retailers and first-to-the market locations. Retailers that have leased space include Bloomie’s, a smaller Bloomingdale’s store concept which will open its first location at Fields West, alongside Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora and Williams Sonoma.

Restaurants committed to Fields West feature Mastro’s Steakhouse, a fine dining establishment that will open its first location in the Dallas-Fort Worth region. Other restaurant tenants committed to the site are Green Point, Claremont, Mexican Sugar, Sixty Vines and Tommy Bahama Marlin Bar.

Rand W. Horowitz of SHOP Cos. is handling retail leasing and David K. Reed of CBRE is leading office leasing.

More high-profile developments

Fields West will be part of the greater Fields development, a $10 billion, 2,500-acre master-planned community located along Panther Creek Parkway and the Dallas North Tollway. Fields includes the site of the PGA of America’s headquarters and the Omni PGA Frisco Resort. A $550 million Universal Kids Resort is under construction and slated to open next year. The 97-acre resort, which will include a 300-key hotel, is designed for families with young children and features Universal brands including Nickelodeon’s SpongeBob SquarePants, Illumination’s Minions and Jurassic World.

Frisco, one of the fastest-growing cities in the U.S., continues to see large projects like Fields and Fields West. Hines and Gensler were part of a team that built The Star, the 91-acre headquarters and practice facility of the Dallas Cowboys. The Cowboys also built a 12,000-seat stadium at the site for high school football. The $1.5 billion mixed-use development includes offices, restaurants, shops, a hotel, medical center and an indoor multipurpose events center. Plans to add more residential, office and hospitality space are underway.

The city’s high-profile projects also include the $4 billion Firefly Park, a 242-acre mixed-use, master-planned community. The first phase will include a 200-key Dream Hotel, 650,000 square feet of office, dining and shopping space and a 45-acre park. The project’s initial plans called for the construction of 3 million square feet of office space, 400,000 square feet of retail, dining and entertainment, 1,200 hotel keys, along with townhomes and residential units.