Financial woes such as what Wade Park is facing are not new to Thomas Land & Development, the developer.
After new liens filed in March, the amount of money that Thomas Land & Development owes suppliers and contractors now totals more than $21 million.
Wade Park, the 175-acre planned mixed-use development along Frisco’s $5 Billion Mile, is set to go up for auction at a foreclosure sale Tuesday after a March 6 foreclosure auction did not happen.
Thomas Land & Development has launched several commercial developments across the country, some of which have also faced foreclosure. On multiple occasions, the company has filed for bankruptcy before other mixed-use developments have gone up for auction.
According to court documents, the company filed for bankruptcy in 2009 for The Rim shopping center in San Antonio; again in 2009 for Prospect Park in Georgia; and in 2017 for Ovation in Tennessee, among others. Each development faced a foreclosure sale before the bankruptcy filing.
It is unclear whether Thomas Land & Development will file for bankruptcy for Wade Park. Stan Thomas, the company’s CEO, has not responded to interview requests.
Several previously announced tenants have left Wade Park after construction delays pushed back the expected opening date of the development. Thomas Land & Development has an incentive agreement with the city of Frisco to finish portions of the development by Dec. 31 of this year in order to receive sales tax grants.