The first phase of construction is expected to be complete in 2024, according to officials from Centurion American, lead developer on the project.
Mayor John Muns, former Mayor Harry LaRosiliere, members of City Council, city staff and officials from Centurion American all gathered to mark the official start of development.
“We know the community is anxious to see development begin on this project,” City Manager Mark Israelson said. “This has been a very complex project.”
Once finished, the area will feature around 400,000 square feet of retail space, various restaurants and multiple entertainment venues. It will also include 500 single-family homes, 2,300 multifamily units, 8 acres of parkland, a hotel, senior living facilities, office space and more than a mile of trails.
“Collin Creek will provide one of the premier mixed-use redevelopments in North Texas,” Muns said during the event. “[Plano] worked with the developer to fully fund the transformation of the Collin Creek Mall.”
Demolition of the mall and the surrounding area has been underway since 2019. Centurion American officials said some parts of the original structure will be preserved.
Peter Braster, Plano’s director of special projects, said now that the project’s design, cost estimates and city financing have been approved, construction on the project can begin.
“You have to go down the line a bit until all those pieces come together,” Braster said.” We wanted to make sure ... we did not have a stalled project.”
The city expects a tax reinvestment zone located at the site to generate more than $150 million over 36 years.
Council members approved the zone in January 2020. Property tax revenue generated in a reinvestment zone is used to fund improvements in that area.
The city of Plano expects to contribute $97 million to the project via revenue from the tax reinvestment zone as well as through various bonds.The rest of the project will be funded privately.
“We’re thrilled to have broken ground on this exciting live, work and play development,” Mehrdad Moayedi, president of Centurion American, said during the event. “We’re looking forward to bringing to life an unmatched experience for residents and visitors alike in this prime location of Plano.”
Click here for more information about the project.