Frisco's Wade Park Has Changed Hands But Ownership Is Unclear

Frisco's Wade Park development site has changed hands.But it's unclear what the transaction means for the troubled real estate development.Ownership of the uncompleted project on the Dallas North Tollway was recently transferred from Atlanta developer Stan Thomas' Wade Park Land Holdings' to a new company, WP Development Partners LLC.The deeds for the land were sent to a New York title company office, Collin County records show. The new company was incorporated in Delaware in early February.Wade Park developer Stan Thomas did not return phone calls asking about the transaction.The 175-acre Wade Park property has been threatened with foreclosure for the last year.Work on the development stopped in mid-2017, leaving partially constructed buildings and a huge excavation site along the tollway.Thomas has said he is working on alternative financing for the development, which was to include a shopping center and high-rise office and hotel buildings. The change in ownership could be related to new funding.Wade Park was most recently posted for foreclosure by New York lender Gamma Real Estate Capital, which is owed more than $100 million on the project.Officials with Gamma Real Estate did not return phone calls.It had last filed foreclosure in January.Contractors and service firms who worked on the project have also been seeking more than $10 million in unpaid bills.The ownership change for Wade Park does not wipe out any debt or liens on the property and does not preclude a foreclosure, according to the deeds.Ground was broken for the $2 billion Wade Park 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.Wade Park was envisioned as the largest element in Frisco's so-called $5 billion mile of projects along the tollway.It's the only one of the four major developments — including Frisco Station, The Gate and the Dallas Cowboy's Star project — not to make it off the drawing board so far.  Continue reading...

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