A defunct shopping mall that struggled for years before falling into default is getting new commercial life as part of a $1B public-private mixed-use development now underway in Plano.
Centurion American, which picked up the 1.1M SF former Collin Creek Mall in 2018, broke ground late last week on the commercial part of the redevelopment project, which will include 400K SF of retail space inside a shopping center core as well as perimeter retail, restaurant and entertainment destinations, and an independent living facility.
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Phase 1 of the project also calls for about 500 two-and three-story townhomes, while future plans call for 1M SF-plus of office space and a possible hotel on the more than 100-acre site located along the Central Expressway corridor. The development will also offer 8.9 acres of parks and 1.6 miles of walking trails.
“Collin Creek will provide one of the premier mixed-use redevelopments in North Texas, right at the southern gateway to our city,” Plano Mayor John Muns said in a statement. “The city’s agreement with Centurion American is historic. While many former regional malls across America sit idle and vacant with little or no hope of redevelopment, the city of Plano worked with the developer to fully fund the transformation of the Collin Creek Mall. Few cities have accomplished this feat.”
The Collin Creek Mall opened in 1981 and was the county’s first major shopping mall. Like many before it, it was felled by declining business and competition from e-commerce and newer retail centers.
Centurion American purchased the mall’s 325K SF main common areas and retail spaces three years ago for $25M, about $50M below the amount owed to lenders, according to the Dallas Morning News, and acquired its anchor stores in separate transactions. Plans call for demolishing those stores, leaving just enough of the mall’s core for the developer to slice open the roof and create an indoor, open-air shopping center surrounded by outdoor retail, and restaurant and entertainment venues.
The city of Plano stepped in to assist the project with financial incentives, including the creation of east and west Collin Creek improvement districts to finance public improvements and infrastructure assistance.
“We’re thrilled to have broken ground on this exciting live, work and play development,” Centurion American President and CEO Mehrdad Moayedi said. “We’re looking forward to bringing to life an unmatched experience for residents and visitors alike in this prime location of Plano.”
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