A developer has purchased several key portions of Plano’s Collin Creek Mall in an effort to revamp the struggling property into a denser, mixed-use development.
Mehrdad Moayedi, president of Centurion American, said Thursday he had purchased the mall’s former Macy’s and Dillards buildings as well as the Sears property and the interior structure of the mall. The developer is also in ongoing discussions with J.C. Penney about whether the retailer will stay in its current spot or relocate to another part of the property.
The developer also entered an agreement to purchase the property where Amazing Jake’s operates, Moayedi said. That deal is scheduled to close in May.
The news comes at the end of a tumultuous year in which the already-sparse mall saw more storefronts close and a separate bid from Plano-based developer Sam Ware fall through to buy the mall’s various properties.
Moayedi said he is planning to submit a zoning change request in January to the city of Plano for his mixed-use redevelopment project. If approved, the plans are expected to include substantial new residential components, including urban-living multifamily units, for-sale townhouses and condominiums.
“We felt like this site is a dense site that needs to have density as far as retail, office and residential components—kind of just a new generation of what these malls look like going forward,” Moayedi said.
The developer also has plans for about 20 restaurants, some casual and some higher-end, Moayedi said. The developer is also working to attract a movie theater and is considering incorporating a music venue that can host concerts, he said.
It is unclear what will happen to the mall’s current tenants. The mall is likely to undergo extensive internal renovations in a few months if the Plano City Council approves the rezoning request, Moayedi said. He said he plans to start communicating these plans to tenants now that he has closed on these key sales.
“I don’t know if we’re able—because of the major remodeling that we’re doing, to be honest with you—I’m not so sure we’re able to maintain the mall open so they can stay there, or transfer them from one location to another,” Moayedi said. “Those are all things that we’re getting into now.”