112-acre development could replace Frisco’s five-story concrete hole from failed Wade Park project
A plan is in the works to replace Frisco’s infamous five-story concrete hole left by the disused Wade Park project more than four years ago.
The developer JVP Management and the architecture firm Torti Gallas + Partners presented the 112 hectare planned development earlier this week at a joint meeting with the city council and the city’s planning and zoning commission, reported Community Impact. The proposed project, temporarily designated the “Project X” placeholder, includes 700 hotel rooms, 2,800 apartment buildings (including townhouses and condominiums), 1.9 million square feet of office space, and 455,000 square feet of retail space.
The community would also offer several parks and open spaces, including a large central park and smaller parklets, which are public seating platforms that extend from a sidewalk that has usually been converted from parking lots.
The developers are still discussing solutions for the giant hole.
Van Nguyen, a partner at JVP Management, said the hole was the biggest challenge on the project, according to the Community Impact report. The estimated repair cost is between $ 25 million and $ 85 million.
“Nothing would make us happier than getting rid of this hole in the ground,” said Nguyen during the presentation. “In the lost time, Frisco continued to grow. And there is this hole in the ground. “
Wade Park incorporated the land in 2013 and laid the foundation for the $ 2 billion development in 2014, The Dallas Morning News previously reported. But the project was delayed and eventually stalled when the developers ran out of money and later filed for bankruptcy.
The 175 acre development on Dallas North Tollway was planned for high-rise office and hotel buildings, shopping malls and luxury apartments. It was once one of the largest planned real estate developments in North Texas, The News previously reported. But after digging a huge hole for the project and partially building a number of shops on Lebanon Road, construction on Wade Park stopped in 2017.
Gamma Real Estate, which had borrowed more than $ 150 million on the Wade Park property, took control of the property in early 2019. Remnants of the project include incomplete building shells and the five-story hole that would have served as an underground car park. Nguyen said some of the building envelopes are still usable, but others will have to be demolished.
The developers presented the completion of Project X in phases, reported Community Impact.
The first phase could include a five-story doctor’s office and 40,000-square-foot Whole Foods on the corner of Dallas North Tollway and Lebanon Road – though Whole Foods has not yet closed a deal – and the second phase could tackle the big hole beforehand to develop more space.
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