An ambitious project is coming together for the former J.C. Penney Headquarters in Plano, according to Capital Commercial Investments.
The Austin-based developer acquired the massive corporate campus on the southeast corner of Legacy and Headquarters Drive built by the retail giant in 1992.
“It's a fantastic piece of property,” said CCI CEO Doug Agarwal. “It's extremely well built and it’s one of the largest properties in all of Dallas. It's 1.83 million square feet of rentable space.”
Agarwal says his team intends to transform just under 100 acres into The Park at Legacy.
Get top local stories in DFW delivered to you every morning. Sign up for NBC DFW's News Headlines newsletter.
The project retains the existing building structure as well as two parking garages, “but we want to work higher density uses in around the remainder of the tract to create more usable space for evenings and not just for office but for other uses also.”
The Park at Legacy will include leasing space for retail and residential uses, including 750 upscale multi-family units, which did not enjoy full support in the city.
“The more you mix housing and retail together the better it works,” said Agarwal. “That's why we started off trying to get an approval for 750 units for a company called StreetLights to build high-end residential rental property. We do envision additional maybe one more hotel.”
Local
The latest news from around North Texas.
In a statement, Plano Mayor John Muns said, ‘Thoughtful consideration was given to the overall plan design so that it meets the expectations of our residents and business community. The redevelopment of JCP headquarters will be another great addition to our thriving corporate community.’
Agarwal says there is room for high-end housing in this area.
“There’s going to be people that want to be in this location where they can walk to a park
right out their back door. They can go over to the Legacy West and eat lunch or dinner.”
J.C. Penney corporate will still have a presence on the campus, leasing 300,000 square feet of space, Agarwal said.
Plans include adding pickleball courts, golf simulators, and refurbishing the gym, all to make the space "a place people want to work," he said.
In the long term, CCI intends to develop additional acres included in the purchase.
Agarwal expects this campus to be almost completely leased up, by the end of 2026 and Worth up to a billion dollars.
“It's so exciting to be involved in such a gorgeous piece of property,” he said. “When people come from California or Chicago and look at it, they're like: oh my god, that's just beautiful maybe we should move in here.“
