Fehmi Karahan is going all in on Fields, the sprawling master-planned community rising in Frisco that already counts the PGA of America headquarters and a kid-focused Universal theme park among its calling cards. The developer behind Plano’s Legacy West says Fields could ultimately reach $10 billion to $15 billion in value, and the mixed-use retail core known as Fields West has now moved into full-on vertical construction. For D-FW, the project pulls homes, offices, hotels and attractions into one concentrated bet along the north Dallas North Tollway corridor.
Karahan's unlikely rise
Born in Istanbul, Karahan arrived in the United States on a scholarship and settled in Dallas in 1979. He worked early jobs as a waiter and bartender before earning an MBA and pivoting into real estate development. He started with small strip centers in the 1980s, then expanded through syndication and opportunistic acquisitions after the savings-and-loan crisis reshaped the market. Those biographical details are chronicled in a profile by D Magazine.
From Legacy West to Fields
Karahan made his name with Legacy West in Plano, later selling his interest in that development to Invesco. Now he says Fields is the project he wants to define his career. “I don't start anything with the fear of losing,” Karahan told The Dallas Morning News, which profiled his work today. The paper reports that Karahan estimates the value of Fields at $10 billion to $15 billion and that Fields West represents roughly $800 million of that total.
Fields: A city-sized master plan
The Fields master plan covers roughly 2,500 acres and, according to developer materials, is slated for more than 5,000 single-family homes, 2,000 luxury multifamily units, and upward of 11 million square feet of office space. Those offices are planned alongside hundreds of thousands of square feet of retail and restaurants. The project's brochure lays out a mix of neighborhoods, parks, trails, and lakes that developers are pitching to both residents and corporate tenants.
Anchors: Universal Kids and the PGA
Fields already has a couple of headline-grabbing anchors in place. The PGA of America has relocated its headquarters to the campus, and Universal Destinations & Experiences is building Universal Kids Resort, a child-focused theme park paired with a 300-room hotel adjacent to the Fields footprint. Universal's press materials and the Frisco economic development office note that the park broke ground in late 2023 and is under construction with an opening target in 2026. The company and city say the resort is expected to create thousands of construction jobs and generate millions in annual tax revenue for Frisco.
Construction, financing and who’s leasing
Fields West, the 55-acre urban village Karahan is developing with Hunt Realty, has closed on major construction financing and has been aggressively signing national and boutique retailers. The project landed roughly $425 million in construction financing, and developers say openings will roll out in phases starting in late 2027. Industry reporting and local coverage also note that the retail core is about 70 percent pre-leased. Those financing and leasing details were reported by Commercial Property Executive and summarized in local coverage, including a piece on how Fields West snags 10 big-name shops as Frisco levels up.
What construction looks like on site
Vertical construction at Fields West picked up speed in late 2025, and Karahan has described a rapid increase in cranes on site. He told reporters that Fields West accounts for roughly $800 million of the broader Fields investment. By January, crews had two tower cranes in the air, and by March, the site had four tower cranes plus a crawler crane. Karahan estimates there could be as many as 11 cranes across Fields West by August 2026. Those on-site crane counts and his projection were detailed in reporting by The Dallas Morning News.
Why Frisco matters for D-FW
Fields bundles tourism, corporate relocations, housing and retail into a single development, a contrast with the more scattered growth that has shaped D-FW for decades. Local economic briefings point to the project's potential upside in tax revenue and jobs. Axios reported that the city expects about $3 million a year in property and sales tax from the Universal park alone. Developers argue Fields will help cement Frisco's role as a regional destination. For residents, the tradeoffs are familiar: new restaurants, housing and jobs, along with the traffic and infrastructure questions that inevitably follow a project this large.
