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 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.
“We are finalizing financing for the project,” Thomas said. “This transaction is part of it.”
Thomas said it was premature to provide any more details about the pending funding.
The 175-acre Wade Park property has been threatened with foreclosure for the past year. Work on the development stopped in mid-2017, leaving partially constructed buildings and a huge excavation site along the tollway.
Central Commercial Group 