Luxury Condo Tower to Break Ground in West Plano; Toyota Gets Incentive Deal for Corporate Relocation
- May 22, 2014
By Amalia Otet, Associate Editor
Dallas-based Visions5 plans to kick off construction of a new high-profile mixed-use complex in West Plano.
Dubbed Haggard Place, the multi-phase project will eventually include residential, retail and hospitality space. Phase one is expected to break ground in late summer or early fall and includes two luxury 17-story condominium towers. The development will sit on an eight-acre tract owned by the Haggard family in the Legacy area of Plano.
One Haggard Place, the first to see the light of day, will showcase 72 designer residences occupying full, half and partial floors, each enjoying grand terraces and panoramic views north, south, east and west. Individual units will range in size from 1,420 to 4,800 square feet, with top-level penthouses sized from 8,000 to 16,000 square feet, the Plano Star Courier reported.
Prices for the luxury residences are expected to begin in the mid-$800,000 range, according to Erin Young, a sales associate with Allie Beth Allman & Associates.
Conveniently located between Willow Bend and Legacy Town Center, on the Dallas North Tollway, One Haggard Place provides easy access to premier shopping, dining and recreational destinations. Additionally, the complex enjoys close proximity to downtown Dallas, as well as Love Field and DFW International airports.
Demand for upscale housing is currently on the rise in the Dallas-Fort Worth Metroplex, particularly due to corporate relocations and expansions in North Texas. Recent moves include Toyota’s relocation to West Plano, establishment of the Dallas Cowboys’ World Headquarters in Frisco, and Bloomington, Ill.-based State Farm’s regional expansion in Richardson.
On May 12, Plano City Council unanimously approved an economic development incentive agreement to relocate Toyota’s North American Headquarters to Texas.
The incentive deal includes developing a 1 million-square-foot corporate campus at the northwest corner of Legacy Drive and Headquarters Drive, and transferring or creating as many as 3,650 full-time jobs in the area.
Toyota’s investments in the Plano facility are expected to top $300 million, as reported by Commercial Property Executive. The new, environmentally sustainable campus will be located in the Legacy West business park, a 2,700-acre property created by Ross Perot in the 1980s as a master-planned business park for corporate headquarters and offices.
Groundbreaking is scheduled for fall 2014, with construction expected to be complete within 24 months.
After moving from its existing headquarters, Toyota will continue to have approximately 2,300 employees in California and 8,200 in Kentucky. Toyota’s offices in the New York City area and Washington, D.C., will also remain in place, according to official statements.
Photo credit: City of Plano