Dallas-based real estate firm Centennial plans to modify the current mall property and rebrand it to The Bend. Michael Platt, Centennial vice president of mixed-use development, said the new name pays homage to the history of the site while giving it a fresh identity.
In addition to its own plans, Centennial has received buy-in from current anchor tenants Dillard’s, Macy’s and Neiman Marcus. Existing areas around those tenants, parking structures and the restaurant district will be retained through the redevelopment, according to redevelopment plans presented to city staff.
Both city officials and the developer acknowledged the property is not generating tax revenue on pace with an average mall of its size.
“We want to bring [the development] back to a point where it brings tax revenue to the city of Plano,” Centennial CEO Steven Levin said.
In a nutshell
Redevelopment of The Shops at Willow Bend has been identified as a way to revitalize an underperforming commercial center. Plano Director of Special Projects Peter Braster said there has been a decline in leaseholders that has taken place because of major tenants, such as Apple’s retail store, leaving the property.
“Time is important because at some point, anchors were going to throw up their hands and look elsewhere,” Plano Mayor John Muns said.
According to plans shared by Centennial, up to 530,000 square feet of the existing mall will be demolished. About 400,000 square feet will be preserved, which includes Dillard’s, Macy’s and Neiman Marcus, parking structures, and the existing restaurant area.
Braster said the redeveloped property will align much better with current market conditions.
“The interesting thing about this development plan is that it’s going to be much more of an all-year place,” Braster said.
Muns said Plano City Council carefully evaluated the property to ensure there was not an overabundance of apartment units and that the new development fit the character of the area. Council also encouraged Centennial to get buy-in from the community.
“It was something that we wanted to make sure was done right, but time was of the essence,” Muns said.
How we got here
Ownership of The Shops at Willow Bend has changed hands several times since opening in 2001. Starwood Capital acquired the mall in 2014, with plans to pump $125 million into a redevelopment, but the company lost the property in 2020 after defaulting on its loan.
Two other companies, Trigild and Spinoso Real Estate, had ownership of the mall between 2020 and Centennial’s purchase in 2022.
Levin said he believes this development could finally provide some stability for the mall, which has never established itself in the community.
“It has the potential to be one of the most dynamic, community-based retail, restaurant, entertainment, shopping destinations in Dallas-Fort Worth,” he said.
Diving in deeper
Many business owners said they are hoping the redevelopment brings much-needed foot traffic to the mall.
Brian Dunne and George Stergios, owners of Mexican Bar Company and Knife Steakhouse, respectively, both said their restaurants in The Shops at Willow Bend’s dining district won’t be able to stay without a major revamp.
“We all feel strongly that this needs to happen for us to survive,” Dunne said. “The sooner the better, because we’re hanging on by a string.”
Chris Anuwe and Justin Patterson—owners of Incite, a skateboarding shop also selling vintage clothes and sneakers—said they are also hoping the changes will bring more shoppers to the mall. But with Incite’s storefront included near the area of the mall set to be demolished, its immediate future is less certain.
Anuwe said Incite is hoping to maintain a presence online and at trade shows while he and Patterson wait for construction. But he added the transition period will be a challenge for the mall’s small businesses.
“Everybody is excited for something brand new, but prior to the brand new, there’s this in-between period,” Anuwe said. “We want the community to realize that there’s still something here for them. All of the small businesses here are going to have a hard time staying afloat, but we’re really trying to stick it out.”
What’s next
The first of four phases is expected to add the core redevelopment of the project, which includes the new residential and retail spaces, Platt said. Information shared with council projects the full development plan to occur between eight and 10 years.
Platt added Centennial will look to obtain permits for the demolition and future redevelopment of the mall throughout 2024. Initial redevelopment is likely to begin in 2025.
“Centennial had an idea to make it walkable and really bring more of a Legacy West or The Domain in Austin feel, which [are both] very successful,” Muns said.
