Frisco's Wade Park up for foreclosure again after two months

Wade Park, a planned 175-acre development, sits unfinished at the southeast corner of Lebanon Road and Dallas Parkway.

Wade Park, a planned 175-acre development, sits unfinished at the southeast corner of Lebanon Road and Dallas Parkway.

After a two-month break, new foreclosure notices were filed for Wade Park, a planned 175-acre mixed-use development at Lebanon Road and Dallas Parkway in Frisco.

The sale is scheduled to take place in January.

Lenders of the stalled development have posted foreclosure notices every month since February but did not post sale notices in November and December. The development did not go up for sale each month a notice was posted.

Construction stalled after contractors and suppliers began filing liens for unpaid services and supplies for the development. Construction equipment has been seen on the site for about the past month, but Thomas Land & Development, Wade Park's developer, has only paid off two liens. The liens total more than $23 million as of Dec. 4.

Stan Thomas, CEO of Thomas Land & Development, has not returned recent phone calls from Community Impact Newspaper.

As construction stalled on the mixed-use project, previously announced tenants abandoned the project. Some of the tenants that have left the project include Hotel ZaZa and Bread Zeppelin. At least two previously announced tenants have opened elsewhere in Frisco, including The Lash Lounge and Ellie K Salon.

Retail anchor Whole Foods has not confirmed whether the grocery store is still committed to the project.


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