Crews are expected to begin tearing down the mall’s former Dillard’s anchor store in the next couple weeks, said Sean Terry, vice president for entitlements at Centurion American.
“We’re on schedule,” Terry said. “Since our original [plan] got approval from the city, we haven’t deviated from that. So we’re going to bring the product that we promised.”
The Dillard’s store is the next step in a demolition process that has already dismantled three former anchor stores at the property: Macy’s, Sears and Amazing Jake’s.
The property’s J.C. Penney store will be the last anchor standing after Dillard’s is removed. The developer agreed to allow J.C. Penney to continue operating from its existing building through the first phase of construction.
The construction work is considered essential activity under the state orders that were intended to restrict the spread of the new coronavirus. This has enabled crews to avoid significant slowdowns, Terry said.
In addition to the Collin Creek project, the Farmers Branch-based developer owns a number of residential, commercial and restaurant properties.
The company’s restaurants are suffering, Terry said. But Centurion American’s revenue sources are diversified enough, and the company’s finances and relationships with lenders healthy enough, that the Collin Creek Mall project remains on sound footing, he said.
The first phase of the project is expected to open in 2022 with new apartment buildings, restaurants and underground parking facilities.
When completed, the property will be transformed into a $1 billion mixed-use destination, with 3,100 new residential units and a series of new office, restaurant and hotel buildings.