$1B Mixed-Use Project Set to Rise Near Dallas
- Jan 10, 2019
Centurion American Development Group has acquired Collin Creek Mall and the adjacent Sears property in Plano, Texas, with plans to redevelop the 1.1 million-square-foot mall into a major mixed-use project.
An Avison Young team of John Schupp, Mike Kennedy and Darrell Betts represented the sellers, Midland Loan Services, a division of PNC Bank and Sears.
Built in 1992, the two-story shopping mall sits on roughly 50 acres at 811 Central Expressway. The adjacent Sears site, located at 851 Central Expressway, includes approximately 12 acres. Centurion American is planning a mixed-use development that will include various types of residential properties, office buildings, multiple restaurants, a hotel, retail space and more. The firm recently told the Dallas Morning News that the project will amount to $1 billion.
Out with the old
Centurion is anticipating launching construction at the development this summer, once rezoning is approved. The project is expected to be completed in phases, with a final completion date set for 2021.
“This is an efficient and attractive redevelopment of the property,” said Schupp in prepared remarks. “Plano is an extremely hot market and finding a parcel of land this size anywhere in the area is a challenge. The proximity to a diverse variety of corporations, George Bush Turnpike and the region’s interstate highways makes this a highly desirable location.”
In October 2017, Centurion spent $225 million to redevelop The Statler in Dallas, a downtown hotel originally built by Conrad Hilton in 1956.
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