A mixed-use development proposed by Capital Commercial Investments received a recommendation of approval from the planning and zoning commission during its Oct. 21 meeting. Commissioners voted to recommend approval in a 5-3 vote with commissioners Michael Bronsky, J. Michael Brounoff and Gary Cary voting against.
“If we want to add a whole lot of jobs in that area, we have to add some residential [development] as well,” Chairperson David Downs said.
The big picture
The mixed-use development will include up to 750 residential units, including five townhomes, which are restricted to lots 7R and 10R. According to city documents, the two proposed residential towers must be at least 15 stories tall, located at least 1,000 feet away from the intersection of Legacy Drive and Headquarters Drive, and at least 600 feet away from the centerline of Legacy.
The two residential towers are expected to be developed in conjunction with Streetlights Residential, said Andrew Lodeesen, executive vice president of development at Capital Commercial Investments. Greg Coutant, senior vice president of development at Streetlights Residential, said the primary demographics for residents of the towers are likely empty nesters or established professionals.
Additionally, the residential development is broken into two phases: the first with up to 365 residential units and open spaces, including two dog parks, 1.5 miles of trail and sidewalk and a courtyard space. The second phase includes 385 residential units, at least 4 acres with a water feature and a further 1.5 miles of trails, including those around the water feature.
“It’s going to be the nicest residential project in the city,” Lodeesen said. “We’ve made sound commitments and have the best developer in town to assist us with that.”
Diving deeper
Once complete, the mixed-use development will have at least 21 acres of open space and 4 miles of trails and sidewalks, according to city documents.
Based on city documents, the developer will need to meet certain requirements to build the additional 385 units, including:
- Obtaining a certificate of occupancy for a hotel with at least 225 rooms or a certificate of occupancy for buildings totaling 250,000 of non-residential development
- Lease out an additional 400,000 square feet in the former JCPenney headquarters for a total amount of 960,000 of leased space
- Construct at least 10 parking spaces for the future Bruce Glasscock Park
- Have built at least 3 miles of trails, including waterfront trails, and additional green space
“Our focus is to fill this building and maintain this building,” Lodeesen said. “This is one of our premier assets. We know what it takes to reposition a facility, fill a facility and attract top-tier businesses to our campus.”
Looking ahead
Lodeesen said developers would need more time to more clearly identify another hotel user to complement the proposed hotel built by Kintetsu Enterprises Company of America, which owns Miyako Hotels.
Construction of the first residential tower could take at least three years. Coutant said the rent for the high-end residences could start around $4,000 per month.
Potential office development would take at least three or four years, Lodeesen said.
Further traffic enhancements, such as adding additional turn lanes to nearby roadways, are expected once the site is fully developed, according to city documents.
Plano City Council is scheduled to hear the case at its Nov. 11 meeting, according to the city's website.
