The northernmost fraction of Frisco’s $5 billion mile called Wade Park has hit some development snags. Various contractors working on the project have filed liens on the project for unpaid work.
Atlanta-based Thomas Land & Development is developing the 175-acre project at the southeast corner of Dallas North Tollway and Lebanon Road.
The mixed-use project includes 600,000 square feet of retail space anchored by a Whole Foods, iPic Theaters, and Pinstripes Inc.; apartments, condos, and single-family homes; office space totaling more than 6 million square feet; and green space and walking trails.
Collin County public records show several mechanic’s and materialman’s liens filed on the property. The liens total more than $4.2 million. They are as follows.
- Southwest Construction Services placed a lien worth $37,800 on Nov. 15
- Capform Inc. placed a lien worth $300,000 on Nov. 15
- DynaTen Corp. placed a lien worth $139,417 on Nov. 14
- Redi-Mix Concrete placed a lien worth $28,826.43 on Oct. 13 and a lien worth $13,491.20 on Sept. 15
- Vilhauer Enterprises placed a lien worth $768,530.61 on Sept. 22
- Pacecon Commercial Concrete placed a lien worth $1,687,755.53 on Sept. 15
- Hart, Gaugler & Associates Inc. placed a lien worth $473,262.50 on Sept. 12
- Wright Construction Co. Inc. placed a lien worth $781,393.50 on Sept. 13
Some formerly announced tenants such as the hotel flag Hotel ZaZa and retailers like Bread Zeppelin are no longer committed to the project, Community Impact reported in October. The project’s original completion date was spring 2016 for phase one. After a couple of extensions, Wade Park is now scheduled to open in the spring of 2019.
In January 2017, the project got an $83 million bridge loan for six months from New York-based Gamma Real Estate, and the lender said Thomas Land has some no-cost extension options. The project also has $122 million in economic incentives from the city of Frisco. Frisco incentives are performance-based, meaning developers don’t collect until the project delivers.
Thomas Land & Development and Gamma Real Estate had not returned phone calls at the time of publication.
