Developer Centurion American is breaking new ground this week in the first phase of the $ 1 billion mixed-use project that will replace Plano’s Collin Creek Mall.
The developers have also chosen three builders who will build 500 luxury townhouses in the 100-plus-acre project on the west side of US Highway 75.
Ashton Woods Homes, Gehan Homes and Mattamy Homes will build two and three story townhouses on the west side of the development with prices starting in the $ 500,000 range.
Work on the residence sites is underway and will be completed for the construction of the residences next summer.
Centurion American purchased the 37-year-old Collin Creek Regional Mall in 2018 with the intention of replacing the failing mall with a variety of new builds.
The city of Plano joined in the deal, offering financial incentives.
“With over 400,000 square feet of retail, exclusive restaurant concepts, upscale residential living, entertainment and more, this will truly be a development where people can live, work and play,” said Centurion American President and CEO Mehrdad Moayedi in a statement. “We look forward to bringing an unparalleled experience for residents and visitors to such a prime location in Plano.”
Retail businesses in Collin Creek will be built in part of the old mall with new buildings on the property. A collection of dining and entertainment destinations, 8.9 acres of parks and 1.6 km of walking trails are also planned.
Apartments, offices and a hotel are also included in the plans for the old shopping center site.
“We have worked diligently with the City of Plano to develop a master character that will be applied to residential and commercial building designs,” said Michael Zizik, partner and architect at Bush Architects, in a statement. “We are working to ensure that design elements remain relevant and desirable for years to come. “
Construction is underway on site grading and utilities on the property. And the old JC Penney department store will be demolished next month.
Construction of the huge new parking garage to service the development is expected to begin in the fourth quarter of this year.
A first official groundbreaking ceremony for the project is scheduled for Friday.