In August 2018, Hunt Realty Investments announced the purchase of the 2,544-acre Headquarters Ranch from the Fields family. “We see extraordinary development potential for the site, alongside our capital partners, and look forward to creating the next exciting chapter in the history of Frisco,” said Chris Kleinert, president of Hunt Realty in an official statement at the time.
The $10 billion mega-development compasses the 400 acres bought by TRT Holdings for The PGA of America’s new home, two golf courses and the Omni PGA Frisco resort hotel, a $600 million project that opened its doors last Monday, August 22.
According to Candy’s Dirt, at the time of the purchase, Hunt Realty got in touch with Legacy West developer Fehmi Karahan to ask for advice on whether to proceed with the investment. Karahan told Candy’s Drit, “We were approached and decided this was a great property in a fast-growing area of Dallas, a doughnut hole.” And he jumped in the deal too. “I told them they should purchase it and I would be happy to be their partner. They said that was music to their ears — and off we went.”
Karahan, who developed Legacy Town Center and the Legacy West, was in charge of assembling the land. He said this project is 11 times bigger than Legacy West “It’s the equivalent of 2,000 football fields,” he told Candy’s Dirt. “Frisco has very little land left to develop for homes and they have one of the best school districts in the state, so the demand is very high,” he continued.
The residential land of the development was subdivided into nine villages and neighborhoods, including Brookside, The Preserve, East Village, North Fields and the University Village, which hopes to accommodate housing, corporate and retail ventures that work for the college-aged budget and lifestyle the University of North Texas Frisco will bring once it opens in 2023.
Karahan expects 3,500 single-family homes will get developed. “The pricing is going to be high. I wouldn’t call it affordable, because that definition is always changing, but our zoning allows us to have some products that meet the need for what is called the missing middle,” he said, adding that home prices would go from $700,000 homes in Brookside to $2.5 million up to $10 million custom homes in The Preserve.
The city of Frisco has worked closely with the developers. “That is based on our track record. Everybody wants to have a Legacy West in their community. I’m 66 years old and I’ve been doing this a long time. We have a good reputation. The city knew what we were capable of,” said Karahan. Frisco Mayor Jeff Cheney said back in 2018 the city was helping master plan the 2,500-acre development. “It’s some of the most beautiful, unique landscape in our city — and now it will serve as a stunning gateway to our community for future generations.”