Editor's note: This story has been updated to reflect new information about the master plan for the property.

A Dallas-based real estate investment company has purchased a 2,544-acre plot of land in far North Frisco, once owned by the Estate of Bert Fields Jr., and plans to pursue a mixed-use development with commercial, office and residential uses.

Hunt Realty Investments announced the purchase Tuesday. The land stretches from Preston Road past the Dallas North Tollway and north to US 380.

Hunt Realty partnered with Chief Partners, CrossTie Capital, The Karahan Companies and the Estate of Bert Fields Jr. for the land acquisition.

Developers previously had met with city staff, Frisco City Council and the Frisco Planning and Zoning Commission to discuss the plans for the property. Hunt Realty is working on a new master plan that will be presented to the city at a later date.

"Hunt and Karahan are currently developing the master plan, which should be available in the coming months," Hunt Realty spokesperson Jeanne Phillips said. "When it is ready, Hunt and Karahan will submit it to the city and make it available for the public."

Development on the property is expected to begin in 2019, according to Hunt Realty. The land, which is zoned for agriculture, would need to go through Planning and Zoning Commission and City Council to be rezoned.