- DFW Ultraground
- Posts
- Plano | 750-Unit Mixed-use
Plano | 750-Unit Mixed-use
10/21/24 | The Park at Legacy
Welcome to Ultraground. We break down new deals for you.
P&Z October 21, 2024
750-Unit Mixed-use | SEC of Legacy Dr & Headquarters Dr | Approved
You saved: 2h 39m
The Park at Legacy SEC of Legacy Dr & Headquarters Dr
Northwest Plano | 107 Acres | 750 Units | Approved
Capital Commercial Investments' proposal to transform the former JC Penney headquarters marks their fourth attempt since 2019 to add residential to the 107-acre site. The Owner has already invested $30 million in renovating the existing 2.2 million square foot office building, increasing occupancy from 430 to 2,447 employees.
The new construction residential component, to be developed by StreetLights Residential, would add two luxury multifamily towers (20 and 22 stories) totaling 745 units, plus a 5-unit townhome-style building for transition. The project targets ultra-luxury renters with monthly rents ranging from $4,000 to $15,000. There are no affordable housing components in the proposal.
Greg Coutant from StreetLights emphasized their target demographic:
‟These folks have owned homes, they've raised families, they've been members of the community for decades… We've got properties where the average age is 60 years old.
The deal requires significant phasing tied to office occupancy. Phase 1's 365 units require 560,000 square feet of occupied office space, while Phase 2's 385 units demand an additional 400,000 square feet plus either a 225+ key hotel or 250,000 square feet of new non-residential space. The timing is notable - StreetLights estimates 3.5 years until first units could open (1 year design, 2 years construction), aligning with when the developer projects office development might be feasible again.
The deal faces strong community opposition, particularly from those involved in previous planning efforts. Jackie Crawford, a former comprehensive plan review committee member, emphasized "We spent a lot of time and a lot of effort" determining the area should be employment center and open space. Doug Shockey, the former CPRC Chairman, highlighted the "thousands of hours" spent with stakeholders developing the comprehensive plan, arguing the deal fails to meet the required "high standard" for exceptions.
The current CB-1 zoning, established in 2016 specifically for non-residential development, actually allows more intense development than proposed - with no height limits, setbacks, or lot coverage requirements. Commissioner Ratliff noted that under the current zoning, there's nothing in the plan that will require a zoning change except the residential.
This context is particularly relevant given the Legacy submarket's 2.8 million square feet of vacant office space. The developer argues residential is necessary for revitalization, but neighbor Jennifer Groysman countered that "the office buildings will come back" and raised concerns about tax implications.
The proposal includes specific design requirements: 75% of residential parking must be structured and concealed, a 15-story minimum height requirement (except for garage screening), and location restrictions including prohibition within 1,000 feet of the Legacy/Headquarters intersection and 600 feet from Legacy Drive. Maximum lot coverage is set at 65% for residential (though current plans show 47%), 45% for the pond/restaurant area, and 75% elsewhere.
P&Z Commissioners Opposed:
‟I see the short term gains, and I'm sure there's demand for this type of housing, but I don't think demand should necessarily guide what we do.
‟One large corporation in the area made it very clear to me that it would be their personal preference that there be no multifamily on this site whatsoever… [The deal] doesn't live up to the commitment that the City, the Planning and Zoning Commission, and the Staff is standing for.
P&Z Commissioners in Support:
‟If we want to add a whole lot of jobs in that area, we have to add some residential as well. And I think most of the corporate clients would also appreciate that. Certainly, their senior executives would like to live right where they're working. I like the fact they've already invested a lot of money into the property, and that they own other properties in the area. So they're committed to us, to the City.
‟The residential buildings that are being proposed here, in my opinion, will serve to almost move the housing pipeline within the City.
Despite Staff's recommendation for denial, the project passed Planning & Zoning 5-3, with commissioners split on whether the high-end nature of the deal justifies departing from the comprehensive plan. The case now moves to City Council, where similar proposals were denied in 2019 and 2020.
Developer: StreetLights Residential, Greg Coutant Phone: (214) 922-1182 Email: [email protected] LinkedIn
Owner: Capital Commercial Investments, Andrew Lodeesen Phone: (512) 628-2766 Email: [email protected] LinkedIn
Staff Report: ZC2024-003 SR
Project Plans: ZC2024-003 Plan
Thank you for being a part of Ultraground.
How was this report? |
Reply