Collin Creek Mall redevelopment in Plano to generate $150M through tax zone

rendering of development
Plano City Council unanimously approved a spending plan at its June 14 meeting for the revenue they expect the Collin Creek Mall development tax zone to generate. The first phase of the project includes new apartment buildings, restaurants and underground parking. (Rendering courtesy Centurion American)

Plano City Council unanimously approved a spending plan at its June 14 meeting for the revenue they expect the Collin Creek Mall development tax zone to generate. The first phase of the project includes new apartment buildings, restaurants and underground parking. (Rendering courtesy Centurion American)

The city of Plano expects a tax reinvestment zone located at the Collin Creek Mall development to generate more than $150 million over 36 years.

Plano City Council unanimously approved a spending plan at its June 14 meeting for the revenue it expects the zone to generate.

Council members approved the use of the Collin Creek Mall area as a tax reinvestment zone, or a TIRZ, in January 2020. This form of financing captures growth in property tax value of a certain area and uses that captured value to fund improvements within that area.

The first $15 million generated from the zone will be used to pay back a loan from the North Central Texas Council of Governments to build a parking garage on the Collin Creek property. Another $24 million is being set aside to construct a second parking garage on the zone’s west side.

The TIRZ can then be used to fund various projects across the 300-plus acres that make up the development. Collin County is also dedicating a portion of its taxable value within the TIRZ to redevelopment projects.


The demolition of the original Collin Creek Mall has been underway since the start of the redevelopment in 2019. The first phase of the project, which includes new apartment buildings, restaurants and underground parking, is expected to open in 2022.

Once complete, the area will transform into a $1 billion mixed-use destination with up to 3,100 new residential units and a series of new office, restaurant and hotel buildings.

A completion date for the project has not been set.


MOST RECENT

The Plano Animal Shelter is operating normally and welcoming all walk-in visitors during regular hours. (Courtesy Plano Animal Services)
Animal intake up 30% at Plano shelter

Animal Services Director Jamey Cantrell said during spring and summer the shelter averages an intake of around 600 animals per month.

The home furnishings chain offers furniture, bedding, kitchenware, lighting fixtures, window coverings, bath linens, wall decor and more. (William C. Wadsack/Community Impact Newspaper)
Pottery Barn now open in Plano

The home furnishings chain offers furniture, bedding, kitchenware, lighting fixtures, window coverings, bath linens, wall decor and more.

The city of McKinney established school zones for Emerson High School in a July 20 City Council meeting. (Courtesy Adobe Stock)
School zone established for Emerson High in Frisco ISD; 61% of residents in 3 Plano ZIP codes fully vaccinated, and more top news from DFW

Read the most popular business and community news from the past week from the Dallas-Fort Worth area.

Peter Lake (left), chair of the Public Utility Commission of Texas, and Brad Jones, interim president and CEO of the Electric Reliability Council of Texas, provided an update on state regulators' electric grid redesign efforts in Austin on July 22. (Ben Thompson/Community Impact Newspaper)
Regulators: Texas electric grid prepared for potentially record-breaking demand next week; 'once-in-a-generation reforms' underway

The heads of the agencies in charge of the Texas electric grid met in Austin on July 22 to provide updates on their grid reform efforts.

Here is the latest data regarding COVID-19 in Plano. (Community Impact Newspaper staff)
Tracking COVID-19: 3 Plano ZIP codes have more than 61% of residents fully vaccinated as of July 19

The 75024 ZIP code has the highest percentage of fully vaccinated residents with nearly 64%, while the 75074 ZIP code has the lowest percentage with nearly 47%.

Person on a roof.
Ask An Expert: Co-owner of Sarris & MacKir Roofing and Construction in Plano offers tips for home projects

Sarris & MacKir Roofing and Construction's services include free roof inspections, gutter replacement, window repair and replacement, interior and exterior painting, fence staining and complete roofing services.

Opioid abuse and the need for services addressing developmental disabilities are both on the rise in Collin County, LifePath Systems CEO Tammy Mahan told county commissioners on July 19. (Courtesy Adobe Stock)
Collin County’s LifePath Systems sees rise in spending for opioid abuse, psychiatric beds

On treatment for opioid abuse, spending rose to $912,662 in 2020, which is up from $808,524 in 2019.

Suburban Yacht Club plans to open in Plano in August. (Courtesy Shannon McCarthy)
Suburban Yacht Club coming to Plano; Gidi Bar & Grill opens in Frisco and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.

Food.
Farm2Cook now open at new Plano location

The new location is next door to India Bazaar. Farm2Cook offers organic meat processed in compliance with Islamic religious requirements to be considered halal.

Sauna.
SweatHouz Infrared Sauna Studio planning September opening in Plano

SweatHouz offers private infrared saunas to guests for one hour at a time, along with a vitamin C-infused shower.

Spa treatment.
Issil Beauty Spa now serving clients in Plano

The spa features anti-aging and skin treatments such as fibroblasting, microneedling, dermaplaning and microdermabrasion.

Food.
Suburban Yacht Club planning for August opening in Plano

The restaurant's menu will offer Southern California food truck-inspired dishes such as quesabirria, crisped pork carnitas and Flamin’ Hot Cheetos elote.