What comes after the mall? Plano kicks off $1 billion Collin Creek development

With fireworks and fanfare, Plano formally kicked off construction of its $1 billion Collin Creek development on Friday.

The more than 100-acre mixed-use project that will replace the failed Collin Creek mall has been in the works for more than two years.

After tearing down most of the old enclosed shopping center, Plano officials and Centurion American Development Group are ready to start building back.

“We are ready to start seeing the progress all of the residents of Plano have been waiting for,” said Mayor John Muns. “It was a complicated deal, obviously, when you are renovating and doing new things on an existing property.

“This is going to be a destination for so many people to come, whether it’s shopping, whether it’s eating or living — this is going to be the hallmark area of this southern sector of the Central Expressway corridor,” he said. “We can’t wait to see it finished.”

The first phase of construction will be a huge underground parking garage in the center of the property that the city of Plano is funding.

Homebuilders are also starting work on the first of 500 luxury townhouses to be constructed on the west side of the old mall.

Part of the center section of Collin Creek mall is being repurposed for new retail and restaurant space. Other parts of the property will be used for apartments, additional restaurants and retail, offices and open space.

“Collin Creek will provide one of the premier mixed-use developments in North Texas, right at the Southern gateway of our city,” Muns said. “With many former regional malls across America sitting idle and vacant with little or no hope for redevelopment, the city of Plano worked with the developer to fully fund the transformation of Collin Creek.

“Few cities have accomplished this feat.”

Collin Creek was once one of North Texas’ busiest shopping centers, anchored by J.C. Penney, Sears, Macy’s and Dillard’s department stores. But the mall lost business as newer retail venues opened in the area and consumer shopping habits changed.

Centurion American bought the 37-year-old regional shopping center in 2018 and has been working since then to plan, rezone and fund the huge redevelopment.

In the last year, most of the property has been cleared for the new construction.

“This day has been long coming for us,” said Centurion American CEO Mehrdad Moayedi. “We are really looking forward to transforming this place into what we actually plan to do — residences, restaurants, retail and everything.”

Moayedi said it will be about 24 months before the first new sections of Collin Creek will be ready.

“The townhome lots will be ready in about 12 months, and those builders will then start,” he said. “The multiple family, which is attached to this, will begin after the parking garage is finished.

“There will be about 800 multifamily units started,” Moayedi said. “We will have new retail on the first floor and four stories of apartments on top of it.”