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Posted on: August 8, 2016

JLL: Construction pipeline at Plano's Legacy project could bring in 30,000 employees

With several million square feet of new construction in the pipeline, Plano's expanded Legacy vision could bring as many as 30,000 employees upon completion, according to JLL's latest research.

"We are in the process of drilling down on what's really happening out there," Walter Bialas, vice president and market research director for JLL's Dallas office, told the Dallas Business Journal.

"With concerns of traffic impacts and employers worried about recruiting a sufficient workforce, we wondered what Legacy would look like in the future," Bialas told me.

With nearly 5 million square feet of new corporate space (for Toyota North America, Liberty Mutual and JP Morgan Chase), 2 million square feet of additional office space and 3,800 apartments or condos, Legacy will continue to evolve and there will be more density in the immediate West Plano community.

In the next two years, new major corporate residents to West Plano will bring 16,000 new jobs to the community, with plans to employ more than 20,000 workers in the longer term. And the city continues to recruit companies.

Compared with other dense U.S. markets of similar size in a major metro area — such as Tysons Corner, Virginia and Sunnyvale, California — the Legacy Business Park area has fewer issues related to growing density, he said. "Even though these areas have similar commercial densities; it's less intense over here," Bialas said. "There's good planning movement and people are looking at ways to improve roads or managing work schedules to accommodate this many employees"

With that planning, Bialas said corporate residents will still look at West Plano as an option to open a new office and city planners will likely focus more time on creating more urban campus environments compared with the suburban campus models of the past.

One example of this: Plano-based J.C. Penney Company Inc. selling off portions of its corporate campus to incoming developers and companies.

Along with adding density to the business park, Bialas said mass transportation might become a more prevalent part of the discussion of dealing with this growth.

"We need to start having these discussions on how we can manage Legacy so it continues to be a thriving area," he said.

Source: Dallas Business Journal
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