Pat the beef dry: Use a paper towel to pat the beef dry, then season both sides generously with salt and pepper.
Brown the meat: Heat 1 tablespoon of olive oil in a large Dutch oven over medium heat until shimmering. Working in batches, brown the meat for about 4 minutes per batch, turning with tongs to sear all sides. Add 1 tablespoon of oil for each new batch. (Pro Tip: Avoid overcrowding the pan to allow the meat to develop a rich, brown crust before turning.) Transfer the browned meat to a large bowl and set aside.
Cook the vegetables: Add the carrots, onions, garlic and balsamic vinegar to the Dutch oven. Cook for about 10 minutes, stirring frequently and scraping up the browned bits from the bottom of the pan to build flavor.
Add the tomato paste: Stir in the tomato paste and cook for an additional minute, allowing it to deepen in flavor.
Add the beef back in: Pour the beef and its juices back into the pan.
Sprinkle in the flour: Gradually sprinkle the flour over the mixture, stirring constantly until it’s fully incorporated and no lumps remain.
Add the remaining ingredients: Stir in the potatoes, wine, beef broth, thyme, sugar, freshly ground pepper, and bay leaf. Scrape up any brown bits from the bottom of the pan as you stir. Bring the mixture to a boil, then cover with the lid and let it simmer over medium heat for 10 minutes.
Preheat the oven: While the stew simmers, preheat the oven to 325°F and adjust the rack to the lower-middle position.
Cook in the oven: Transfer the pot to the preheated oven, keeping the lid on, and let it cook for 2 ½ hours.
Prepare the peas: Place the frozen peas in a microwave-safe bowl and add enough water to cover them. Microwave on high for 3 minutes, then drain thoroughly in a colander to remove any excess water.
Add the peas: After 2 ½ hours, carefully remove the pot from the oven and stir in the drained peas. Cover the pot and return it to the oven for another hour, or until the vegetables are fully cooked, the broth has thickened, and the meat is tender. Remove and discard the bay leaf before serving.
Serve and enjoy: Ladle the stew into bowls and serve warm with fresh soft buns or my favorite toasted baguettes. (Pro tip: Place a piece of toasted baguette in your bowl and let it soak up some of the stew while you eat—trust me, it’s pure magic!) If not serving right away, let the stew cool to room temperature, then refrigerate overnight or until ready to serve.