The town of Plano took a big step forward on Friday in its long-awaited transformation of the Collin Creek Mall.
The city’s first major shopping center opened in 1981 and closed in 2019, after years of decline.
City officials joined with those behind the project on Friday to hold a groundbreaking ceremony for the project that promises to transform the area near downtown Plano into an outdoor mall with houses and offices.
Plano’s billion-dollar effort to reinvent the old mall has got off to a flying start.
Mayor John Muns calls the project “historic”.
The mixed-use redevelopment project would transform the city’s central highway corridor into a destination where people can live, work and play.
“We are excited,” Muns said. “It’s a complicated business, obviously when you’re renovating and doing new things on an existing property. There are always a few more complications.
The project includes 6,000 residences, including apartments, independent seniors’ residences and townhouses.
There will also be a hotel, shops, a park and offices.
It is possible to include a small grocery store, although no deal has been made, according to Rob Romo, vice president of development for Centurion American Development Group.
The developer plans to save some of the mall’s nostalgia.
“The main mall will remain,” Romo said. “Now we’re going to make a hole in the middle because we want a big open paseo. “
The paseo will connect two park spaces of the property.
Crews will begin digging the eastern lot between the former Macy’s flagship store and Sears to make way for a three-level underground garage “which will serve the main mall and 400 apartments built above,” he said.
The size of the project is expected to be equal to the size of the city’s Legacy West development.
The cost of the project includes over $ 858 million in private funding and over $ 96 million in taxpayer dollars.
The project’s 98 townhouses located next to the Chisolm Trail will start in the $ 500,000 range, according to the developer.
When asked if the expected increase in property values of nearby homes could force families to leave, the mayor pointed to other projects that seek to include more housing in the city, saying, “I think we are spreading our wings a bit and making housing availability all over the city and at the same time we are developing offices and mixed uses for the people who work there.
The first phase of the project is expected to be completed in mid-2024.
Construction crews are also demolishing the JC Penney store on the property.
The retailer was initially slated to be demolished and moved to another section of the project, but withdrew completely.