Hunt Realty Investments, Inc. (Hunt Realty) announced Tuesday it has closed on the purchase of the Headquarters Ranch from the Estate of Bert Fields, Jr., according to a press release.
The 2,544-acre site is located on the northern edge of Frisco with significant frontage along the Dallas North Tollway, Preston Road, and Highway 380 and is the largest, contiguous land assemblage in Frisco.
Hunt Realty led the off-market acquisition and purchased the site along with its lead investment partner, Chief Partners, L.P. Other investors include CrossTie Capital, Ltd., The Karahan Companies and the Estate of Bert Fields, Jr.
“We are fortunate to have the opportunity to purchase such a coveted piece of land that has been under the stewardship of Bert Fields,” said Chris Kleinert, president of Hunt Realty Investments, Inc. “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.”
Hunt Realty will master develop the large, mixed-use planned development, alongside the Karahan Companies, led by Fehmi Karahan. Anticipated development uses will include commercial, office, retail, single-family and multifamily residential, and education, amongst other potential uses.
Bill Vanderstraaten, President of Chief Partners said, “For years, the Rees-Jones family has enjoyed a close relationship with the Hunt family, and we are very happy to be partnering with them on this opportunity.”
“The Fields land presents a rare opportunity for the City of Frisco and teaming up with the Hunt and Rees-Jones families presents a great opportunity for me,” said Fehmi Karahan.
“I look forward to working with the team and the city of Frisco on this iconic tract. Despite its prime high-growth location, it is as though this jewel has been preserved for something extraordinary, and that’s what we hope to create,” Karahan said.
"We're honored to be collaborating with such an esteemed, internationally renowned group of partners and investors," said Mayor Jeff Cheney. "To be able to work with a team of this caliber, is an exceptional opportunity for the city of Frisco. It's not every day we get to help master plan more than 2,500 acres holistically. We're also grateful to the Fields estate and its stewardship of the land featuring elevation changes, rolling terrain and creek corridors. 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. We can't wait to see the team begin shaping this landscape into a dynamic destination for residents, visitors and businesses."
Development is expected to begin in 2019.