The four existing buildings covering 84 acres at Legacy Drive and US 75 will be renovated to house office tenants ranging from 25,000 to 1,000,000 square feet. Other undeveloped land on the campus will be readied for multiple uses including restaurants, a hotel, retail and mid-rise office buildings.
About 3.7 million-square-foot area is available for tenants with large offices to expand, according to Regent Properties.
Regent Properties acquired the property from Texas Instruments on Dec. 17, 2015. The Los Angeles-based real estate development firm will break ground in 2016 for Phase 1. Phase 2 will begin in 2017.[/caption]
Regent Properties plans to break ground on the development in sometime between April and June this year. The development firm acquired the property from Texas Instruments, who owned the site since 1980s.
The renovations will include a 150-seat auditorium, 30,000-square-foot fitness center, a mile-long biking and jogging trail, a four-acre park and parking space.
TI will fully vacate the property by the end of 2016, according to Regent Properties. The renovations and updates will be completed in two phases—the first one starting in 2016 and the second in 2017.
“We have the opinion that Plano ... is ripe for this kind of development project,” Eric Fleiss, president of Regent Properties. “The success of projects like Watters Creek and the build-to-suits for Raytheon and State Farm bear out how much demand there is in the corridor for well-designed and well-built development project featuring a high degree of amenities.”
Fleiss said Regent will be able to lease out space to tenants who might prefer build-to-suit expansion parcels or smaller ones from anywhere between 25,000 to 1 million square-feet.