The city of Plano is providing an economic development grant to Foundry Commercial Holdings to develop a vacant office building in south Plano.

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The grant worth $750,000 is set to be used on redevelopment of the vacant 275,000-square-foot building at 2700 W. Plano Parkway. The building housed Transamerica’s Plano office until May 2020.

Per city documents, Foundry Commercial will be required to demolish the existing office building, and replace it with a minimum 300,000 square-foot manufacturing, industrial, office and research and development space. The property improvements must also be worth $21 million at minimum by Dec. 26, 2026.

The funding for the grant will come out of Plano’s Economic Development Fund, according to city documents.