PLANO, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
The former site of JCPenney's office oasis in northwest Plano is set for a billion-dollar facelift.
The Park at Legacy project will transform the 107-acre site into a vibrant mixed-use community featuring up to 750 multifamily units, five townhomes, five office towers, a 10-story hotel, 21-acres of open space and four restaurants. A 5-acre city park, funded by a $15 million donation from Toyota and $4 million from the city of Plano, is also planned.
The park, called "Mendomi Park," translates to "taking care of workers like family," reflecting a post-COVID trend where employers prioritize locations that enhance their employees' quality of life. The site is near a future 217-key Japanese-inspired hotel.
The two 20- to 22-story residential towers will feature luxury apartments developed by Dallas-based StreetLights Residential. The facilities will be similar to the McKenzie at 3140 Harvard Ave. and rents could start at around $4,000 per month, according to Community Impact.
Construction on the residential component will occur in two phases: the first with 365 residential units, 8.5-acres of open space, two dog parks, 1.5 miles of trails, and a courtyard; and the second with 385 units, a 4-acre pond, a 250-room hotel, and an additional 1.5 miles of trails.
According to previous Dallas Business Journal reporting, the overall redevelopment initiative could total a billion dollars. Capital Commercial Investments, which acquired the vacant property in 2021, is leading the development initiative and has already invested $30 million to renovate the existing 4-story, 2.2-million-square-foot office building.
On Nov. 11, the Plano City Council approved a zoning change in a 5-2 vote to make the project possible. Council members Anthony Ricciardelli and Shelby Williams voted against the project, citing concerns that the initiative does not align with the city’s comprehensive plan, according to Community Impact.
JCPenney vacated its headquarters at 6501 Legacy Drive in 2020 after filing for bankruptcy. However, the retail giant returned to a part of the campus in 2022 after Capital Commercial Investments renovated portions of the 32-year-old building. The company is currently leasing 320,000 square feet of space.
The office, which holds over 2,000 employees, now includes two pickleball courts, an arcade, fitness centers, a golf simulator and open office space. The building is also less than a mile from Fehmi Karahan's $3 billion Legacy West mixed-use development, which is home to other large employers such as Toyota North America, JPMorgan Chase, Liberty Mutual Insurance and FedEx Office.
