A four-decade-old mall in the heart of Plano's only opportunity zone received city council approval Monday night for the mall's new owners to transform the site into a mixed-use retail, office and multifamily development.
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Developer Triten Real Estate Partners received unanimous city council approval after presenting plans for low-density multifamily housing, office and retail at the 26-acre site, which is known as Plano Market Square Mall.
The developers intend to preserve the core building, create an updated corridor for offices and envelop the entire asset outside with greenery and hike and bike trails. It also is adding more than 300 residential units and new retail spaces that border the Spring Creek Parkway side of the development.
The asset has been on the market for more than a year, with at least one previous deal falling through.
The project has long been a challenge for its seller given that it has power lines attached to it and 300K SF of existing retail space constructed during the 1980s indoor mall craze. With the exception of one antique mall retail tenant, the asset has remained without tenants for years as the sellers tried to find the right buyer.
Triten's plan to bring the mall back to life while building out other uses is aimed to bring traffic back to the center during the day and at night.
With city zoning approvals now granted, Triten can move forward with ensuring funding for the project.
The developers plan to take advantage of the opportunity zone program, which will provide tax incentives, waiving capital gains, for Triten and which will entail the company holding the redeveloped asset as a long-term investment hold.
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