Will a New Development in Frisco Spur More Residential Building?
A 2,800-acre ranch in Frisco that is owned by the estate of deceased businessman Bert Fields could soon become a new development.
Dallas-based Woodbine Development Corp. said Tuesday that it is in the early stages of developing a master plan for long-term use. But there is no definitive direction for the site at this time, said Woodbine president Les Melcher.
The land, a working ranch, is part of about 7,000 acres owned by Fields’ estate in the North Texas counties of Collin and Denton. It’s located in Northwest Frisco, west of the Dallas North Tollway, north of Eldorado Parkway and south of U.S. Highway 380.
The land is not for sale. Woodbine development has been hired as a consultant to draft potential plans the property. Neither the development firm, nor JLL, the real estate management company that represents the Fields estate, could provide additional details.
However, the potential land development is welcome news for fast-growing Frisco, where property from two of the area’s largest land owners has sat undeveloped for years. Besides the Fields estate, Frisco is home to more than 3,000 acres owned by Dallas businessman Baxter Brinkmann.
“These are two large aggregations of properties, and until recently nobody had planned anything on them for a long time,” said Tony Felker, president and CEO of the Frisco Chamber of Commerce. Having “a whole lot of new acreage” coming online is good for the city.
The creation of residential communities could help bring new residents and businesses to the North Texas city, “which will, in turn, help ensure continued strong economic development and job growth in the area,” Felker said.
In recent years, Frisco has seen a major building boom along what is known as the $5 billion mile, a stretch along the Dallas North Tollway that is home to several major real estate projects. But available land for residential development has been stagnant, Felker noted.
Still, the new housing options set to develop along the Tollway are multiple and varied.
The Dallas Cowboys headquarters and practice facility at The Star is seeking to add a 17-story luxury apartment building.
Nearby, developers of the 242-acre Frisco Station mixed-use development also have filed preliminary plans for a 25-story residential tower.
And Wade Park, which is farther north and on the east side of the Tollway, is a mixed-used development that will include apartments, condos and single family homes.
Lastly, a 41-acre development called The Gate has two large apartment communities planned.