Can Plano PPP Grow Downtown PDQ with TOD?
A public-private partnership between Southern Land Co and the City of Plano officially opened its doors Tuesday with a grand opening celebration. The PPP created a new 279-unit mixed-use luxury apartment community, Junction 15, at 930 E 15th St in Plano’s historic downtown. DART and the North Central Council of Governments also contributed to the development of the project. Here’s Southern Land VP Michael McNally, NXT Capital managing director Bill Ballent, Plano Mayor Harry LaRosiliere, Southern Land CEO Tim Downey, Plano deputy city manager Frank Turner, and Southern Land president and COO Brian Sewell. Southern Land served as the developer, architect and GC and is the property management and leasing agent for Junction 15. NXT Capital was an equity partner.
The deputy city manager tells us city leaders have been focused on revitalizing the historic downtown since DART’s arrival in Plano. Developments like Junction 15 are breathing life back into the city center, he says. Residents of the TOD are above 8k SF of retail space anchored by a 7-Eleven and several specialty retailers. The first Junction 15 residents began moving in mid-December and the property is 30% leased. Directly across the street is a five-acre park with jogging trails as well as direct access to DART light rail. Also adjacent to the property is McCall Plaza, which will receive $1M in improvements including an outdoor cafe, community events pavilion, and upgraded hardscape and landscape.