This paper presents the development of FAST.Farm, a new multiphysics tool applicable to engineering problems in research and industry involving wind farm performance and cost optimization that is needed to address the current underperformance, failures, and expenses plaguing the wind industry. Achieving wind cost-of-energy targets - which requires improvements in wind farm performance and reliability, together with reduced uncertainty and expenditures - has been eluded by the complicated nature of the wind farm design problem, especially the sophisticated interaction between atmospheric phenomena and wake dynamics and array effects. FAST.Farm aims to balance the need for accurate modeling of the relevant physics for predicting power performance and loads while maintaining low computational cost to support a highly iterative and probabilistic design process and system-wide optimization. FAST.Farm makes use of FAST to model the aero-hydro-servo-elastics of distinct turbines in the wind farm, and it is based on some of the principles of the Dynamic Wake Meandering (DWM) model, but avoids many of the limitations of existing DWM implementations.