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New Mixed-Use Project in Plano Slated for 2 Million SF at Build-Out

PLANO, Texas – (By Dale King) — Construction of a 37-acre, mixed-use development, slated to include a vast expanse of retail along with a boutique hotel and three high-rise office towers, is scheduled to start in early 2018 on property in Plano owned by the same family since the 1800s.

The center, to be named The Legacy at Spring Creek, will rise on land owned by the Bacchuses, one of Plano’s founding families that arrived in Collin County more than a century ago. The Baccus clan has chosen Provident Realty Advisors to develop the property.

“The chance to work with a family that has owned this land for a very long time and create a legacy, is a special opportunity for us,” said Leon Backes, president of Provident Realty Advisors. “Hence, its name, ‘The Legacy at Spring Creek.’”

“The site frames the south end of the Legacy/Far North Dallas-North submarket,” he said. “It’s the southern gateway as you enter this thriving business area. We’re seeing an intense amount of interest in this site, from retail, office and hotel users.”

Plano is located northeast of Dallas, connected via I-75 which runs through Richmond between Dallas and Plano. The city is part of the Dallas-Fort Worth metropolitan area.

Legacy at Spring Creek will consist of up to 100,000 square feet of retail space. Phase I will be made up of more than 50,000 square feet. Developers say the tract can accommodate up to a million square feet in Phase I, and up to two million square feet overall.

Three office buildings, made up of eight to 10 floors each, will be located on the property along with a boutique hotel with some 200 rooms. The retail segment will be clustered in a park-like campus south of the high rises.

O’Brien Architects, led by Jack O’Brien, will design the facility. Chris Taylor, Trey Smith and Ward Eastman of Cushman & Wakefield are overseeing office leasing. The space is being marketed as a build-to-suit opportunity. The brokers are targeting corporate users that need at least 75,000 square feet of office space.

“The Legacy at Spring Creek delivers everything Corporate America is looking for—walkable amenities and easy access to employees,” said Taylor, executive managing director, Cushman & Wakefield.

“Accessibility to this site is exceptional, with multiple roadways providing ingress and egress,” he added. “This gives companies convenient access to all levels of employees.”

Scott Rodgers of DuWest Realty is overseeing retail leasing. He said initial interest in the location has been overwhelming, and that DuWest is already in negotiations on more than half of the proposed retail space.

“This is one of the last great development sites in the city of Plano,” said Rodgers, executive vice president of project leasing for DuWest Realty. “With its amazing visibility from the tollway and easy access along Spring Creek, the site will be in high demand for growing national retail and restaurant users.”

“This development is closer to the higher-income neighborhoods in Plano, which is especially important for the restaurants and retail,” Backes added.

“This site gives us the ability and the flexibility to do a major corporate office building within a mixed-use environment.”

“The name ‘Legacy’ now resonates worldwide,” he added, “with Toyota, JPMorgan, Liberty Mutual and other corporations recently moving and expanding in this submarket. Legacy has become a brand unto itself.”

Aug. 21, 2017 Realty News Report Copyright 2017

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