New mixed-use development south of Legacy
Developers are targeting one of the few remaining large development sites on the Dallas North Tollway in Plano for a major mixed-use project.
Dallas' Provident Realty is teaming up with the family that owns the northwest corner of the tollway and Spring Creek Parkway to build a retail, hotel and office project.
Called The Legacy at Spring Creek, the ambitious development is at the south entrance to Plano's booming Legacy business park.
The 38-acre tract has been owned for decades by the Baccus family, one of the first families to settle in western Collin County more than a century ago.
"We are partnering with the family," said Provident Realty CEO Leon Backes. "We've been talking with them for a couple years. This site has the best visibility and access of anything left up there."
Provident Realty and the Baccuses hired O'Brien Architects to design the planned retail, restaurant and office development. "The goal is to create something iconic both architecturally and as a sense of place," said Mick Granlund, vice president at O'Brien Architects. "We have planned the site to incorporate and build upon an existing grove of beautiful trees."
Office Towers, Hotel
Early plans include three office towers of eight to 10 floors, a boutique hotel and more than 50,000 square feet of retail space to be constructed along Spring Creek.
"There are a lot of good brands for restaurants and retail that are now highly aware of Legacy, but they couldn't get into that market," Backes said. "We are giving the retailers and restaurants high visibly while still keeping the walkable, urban environment."
The retail buildings will be clustered in a park-like campus just south of the planned high-rises. "We have the capacity to do just about any size campus or corporate facility that comes along," Backes said. "We could probably put a couple million square feet of buildings there."
"There are a number of large office tenants out there still, and we are out in front of them." Chris Taylor, Trey Smith, and Ward Eastman of Cushman & Wakefield are overseeing leasing of the office space, which is being pitched to companies that want to build. "We're confident the site plan will attract corporate users seeking the kind of environment employees demand today," Taylor said. "This site provides the key to what corporate America is looking for — walkable amenities and easy access to employees."
Backes said his firm is already talking with restaurants, shops and a hotel operator that's interested in the development. "The retail and hospitality will be the first thing we build, along with the infrastructure and landscaping," he said.
Construction is set to start in the first quarter. DuWest Realty is marketing the shopping center.
"The initial interest has been overwhelming," said Scott Rodgers, DuWest executive vice president. "We are already in negotiations on more than half of our proposed retail space within the development."
"The Legacy/Plano submarket is one of the most highly sought after retail trade areas in Dallas-Fort Worth," he said. "Expanding restaurant and retail tenants have been drawn to this market by the growing nearby daytime population, high incomes and well-above-average store sales."
Provident Realty Advisors is one of North Texas' busiest developers. The company is building the 42-acre Preston Hollow Village mixed-use development at Walnut Hill Lane and North Central Expressway in Dallas. The project, in the works for more than a decade, includes a shopping center, offices, apartments and townhomes.
Provident Realty is also building multiple apartment projects in the Dallas area. Backes said that with so few development sites left on the tollway in Plano, the company has been working to come up with the best plan for the tollway project. "We wanted to do something really special here," he said. "It's not only one of the last great sites but it's the Baccus family's legacy. "When you are going north on the tollway, this is the front door to Legacy."
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