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Plano Approves 1 Billion Redevelopment Plan For Collin Creek Mall
Plano officials have given the final approval for a $1 billion plan to redevelop the city's failing Collin Creek Mall.
The city council voted unanimously Monday night for a plan by Centurion American Development Group to repurpose the 37-year-old shopping mall into a mixed-use project with new housing, entertainment and office space.
The 100-acre project on U.S. Highway 75 would also include a Crystal Lagoon water feature, retail and entertainment venues, and a luxury hotel.
The redevelopment will have 2,300 apartments plus houses and senior living units. There will be almost 9 acres of parks and 1.6 miles of hiking trails.
A big chunk of the old shopping center will be demolished. And remaining portions of the mall will be converted to an open-air retail atrium.
Plano mayor Harry LaRosiliere said he first started hearing about a redo of the mall back in 2005.
"Here we are 2019 and it's happening -- it's a long time coming," LaRosiliere said. "It's turning the page to something new -- a renewal, a renaissance is going to occur in a place that's very special to many people."
Like many cities that have aging enclosed shopping centers, Plano officials and multiple developers have struggled with how to save Collin Creek as stores have closed and shoppers have migrated to the internet and newer retail centers.
Centurion American bought most of Collin Creek Mall in December and has been working with Plano city leaders, planners and nearby residents to come up with an acceptable redevelopment plan.
The first phase of the redevelopment will include retail, residential and hotel construction. More than 1 million square feet of office space is planned in subsequent phases of construction.
While other big Plano development projects with apartments and high-density construction have met with widespread opposition, residents have mostly support the Collin Creek redo.
"In this case, the people have clEarly spoken and the support of the surrounding neighborhoods for this redevelopment have been overwhelming," said councilman Anthony Ricciardelli. "The vast majority of residents think this redevelopment is necessary.
"I think that the redevelopment of Collin Creek Mall is of critical importance to our city," Ricciardelli said. "In its present condition, there is a danger of further deterioration into crime and blight, which would also caused decreased property values in the surrounding neighborhoods."
Beyond saving the ailing shopping center, Plano officials hope that redevelopment of Collin Creek will help spur revitalization of the city's old downtown district on the east side of U.S. 75.
"This is the catalyst for what will be one of the premier downtowns in America," LaRosiliere said. "This will start it. Our downtown will be redefined."
Construction could start on the Collin Creek redevelopment as Early as July.
Owner Centurion American is one of North Texas' biggest developers, building everything from large-scale suburban neighborhoods to historic redevelopments in downtown Dallas ,including the Statler Hotel and the Cabana Hotel.
Josiah is the founder of JFI Brokerage. He is a very driven individual with over 13 years’ experience in buyer, seller and tenant representation of residential and commercial properties. Josiah has ....
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Plano officials have given the final approval for a $1 billion plan to redevelop the city's failing Collin Creek Mall.The city council voted unanimously Monday night for a plan by Centurion American