March 28, 2017

Developers moving ahead with $300 million Plano mixed-use project on Central

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Dallas Morning News: Developers moving ahead with $300 million Plano mixed-use project on Central

by STEVE BROWN
Real Estate Editor

Developers have gotten the go ahead to move forward on a $300 million Plano mixed-use project on U.S. Highway 75.

Los Angeles-based Regent Properties is redeveloping the 84-acre former Texas Instruments campus near the southwest corner of U.S. Highway 75 and Legacy Drive.

Work is already under way to convert four old TI buildings into new-generation office space.

And now Plano officials have okayed zoning for Regent to build almost 700 apartments, retail space and a hotel in the project on the west side of U.S. 75.

“We were full speed ahead with our Legacy Central project before, and this just reinforces our ability to deliver a great mixed-use project with this residential component approval,” Regent CEO Eric Fleiss said. “Two of our office buildings are almost completed, as is our fitness center.”

Fleiss said architectural plans for the central park and restaurant and retail buildings are being finalized.

“As our project looks better every day, tenant interest continues to increase as does interest from hotel developers for our hotel site.”

Dallas-based Trammell Crow Residential will build the apartments in the Legacy Central project. “We hope to be under construction on the apartments this fall,” said Crow Residential’s Matt Enzler.

Regent and Crow Residential agreed to slightly reduce the number of planned apartments and move them further from U.S. 75 in order to get Plano’s approval for the redevelopment, which has been in the works for more than a year.

A boutique hotel, specialty retail and restaurants — including a food hall — are also planned in the project.

Regent Properties bought the former TI campus in early 2016. It has 1 million square feet of office space and was built starting in the mid-1980s.

When finished, the Legacy Central development will be one of the largest blocks of new office space along U.S. Highway 75 in Collin County.

The owners are already in talks with several major office tenants for the buildings, including Frontier Communications.

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