Click here for an overview of the plan.
Here are some things we learned at the meeting:
- Crews could break ground at Collin Creek Mall in the fourth quarter of 2019. Developer Mehrdad Moayedi of Centurion American said construction should begin later this year. He described the full plans as a five- or six-year project, although he added fluctuations in the market could affect how long it lasts.
- The plans would not open up Spring Creek. Although Plano officials have talked about the possibility of opening up the creek that runs underneath Collin Creek Mall's eastern parking lots, Moayedi said his plans will leave the creek hidden. There would be several acres of city park space running over the creek, including an extension of Chisholm Trail.
- New restaurants could come sooner rather than later. Moayedi said he plans to bring in new restaurants in the early stages of the project, rather than on the back end. He did not provide a specific timeline for the restaurants.
- The mall will likely close for renovations in four or five months, displacing some of the existing tenants. Moayedi said the mall itself will require an extensive interior renovation project. The project could take a year or longer to complete, he said. In the coming months, he anticipates existing tenants with leases to be able to remain open.
- Centurion American is expected to request tax incentives from the city of Plano. Although no request has been filed, Moayedi said he intends to seek tax incentives from the city of Plano to help offset the costs of redeveloping Collin Creek Mall into a property with roughly $1 billion of taxable value. These tax incentives normally come in the form of cash grants and property tax abatements.
- J.C. Penney has yet to reach a deal with Centurion American. The Plano-based retail giant owns and operates out of one of Collin Creek Mall's anchor stores. Moayedi has plans to construct a new freestanding building on the south side of the property that J.C. Penney would move into but has yet to reach a final agreement with the company.