Plano City Council approved a $4.6 million purchase of property located at 701 E. 15th St. during its May 13 meeting. The recently acquired property is adjacent to the city’s Neighborhood Services building on East 15th Street and four other city-owned properties along G Street and 16th Street, according to city documents.
The overview
Funding for the project will be allocated from two sources, Plano Director of Special Projects Peter Braster said. $2.3 million will be allocated from the city’s economic development fund and a further $2.3 million will be used from the fund balance of Plano’s Tax Increment Reinvestment Zone No. 2, which exists to facilitate development downtown and along Dallas Area Rapid Transit’s Red Line.
Braster said land purchases made by the city only occur when land is up for sale as was the case with 701 E. 15th St. He added that it will help the city potentially redevelop the downtown area in the future.
“Land assembly, taking little lots and making a bigger lot, is hard work,” Braster said. “It takes years to get that done."
Looking ahead
Braster said there are no concrete plans in place for the amassed land, but it could be used as part of a public-private partnership in the future. Other projects developed with this model in the downtown area include Junction 15 and Eastside Village.
