Former T.I. campus in Plano getting $120 overhaul

It didn’t take long for Los Angeles-based Regent Properties to announce plans for a massive $120 million redevelopment of Texas Instruments’ former Spring Creek campus in Plano. The firm acquired the property on Dec. 17.

That’s because there was no time to waste, with potential office tenants seeking more than 7 million square feet of office space eyeing the property, Regent President Eric Fleiss told the Dallas Business Journal. The property currently has 960,000 square feet of space.

“We have already seen a lot of demand from tenants excited we are bringing this kind of high-end, cool campus lifestyle to Texas,” he said. “We are seeing interest from all different types of tenants and industries.”

In September, Fleiss spoke with the DBJ in an exclusive interview about the firm’s acquisition and plans for a major ovehaul of the property at Legacy Drive and North Central Expressway in Plano to make it an office campus destination. Now, the firm is getting ready to get underway on those plans in the next 60 days.
“There’s an overwhelming demand for space by large corporate tenants in North Dallas,” Fleiss told the DBJ. “We plan to spend $50 million upgrading the existing property to bring it to a high-end cool campus like you’d see in California or at the Apple campus in Austin.”

The remainder of the $120 million overhaul will be spent on a new hotel, as well as restaurant and retail space, to support the expanding corporate magnet, which is being marketed as Legacy Central.

Plans for the redevelopment of the four former Texas Instruments (Nasdaq:TXN) buildings and fitness center — which were built in the 1980s — call for major upgrades to common areas that will focus on recruiting and retaining millennial employees. Those improvements include such things as bringing coffee kiosks to the campus, upgrading the building facades, campus amenities and improving the property’s landscaping.

Along with the existing buildings, Regent Properties also could develop built-to-suit, mid-rise office buildings on the property’s available land. In all, the campus is entitled for up to 3.7 million square feet of real estate. (1/5/2016)

Source: Dallas Business Journal