Three homebuilders have launched sales at Collin Creek, the first phase of a $1 billion mixed-use mall redevelopment in Plano, Texas, a sign of how the region is responding to the fastest population growth in the United States.
Ashton Woods, Brightland Homes and Mattamy Homes are building a mix of two- and three-story townhouses, with prices ranging from about $480,000 to more than $600,000. The development is on Alma Drive between Plano Parkway and 15th Street.
Centurion American Development Group is redeveloping the former Collin Creek Mall. The Plano project, expected to serve as a gateway to the eastern part of the city, is located along the U.S. 75 corridor in fast-growing Collin County, about 20 miles north of downtown Dallas.
The Dallas-Fort Worth region, with a population of more than 8.1 million, added nearly 152,600 residents between mid-2022 and mid-2023, more than any other U.S. metropolitan area, according to the latest U.S. Census Bureau figures. Homebuilders are searching the region for lots to satisfy the growing demand that's resulted from the rapid population growth.
Upon completion, the Collin Creek project is expected to have 500 single-family homes, 2,300 multifamily units and 300 senior independent-living residences. In addition, plans call for it to contain 300,000 square feet of retail space, more than 60,000 square feet of which is for restaurants.
Centurian acquired the site in December 2018 for $25 million, according to CoStar data, and the mall closed operations in 2019 after 38 years. National anchors J.C. Penney and Macy's departed, although the center's main corridor will be incorporated into the retail portion of the development.
The project is similar to what's happening across the country, as online shopping and other changing retail habits have hurt traditional shopping centers. Developers are tearing down many of those outdated properties and replacing them with outdoor "lifestyle centers," homes and apartments and other mixed uses.
“Collin Creek will be one of the most unique communities in North Texas,” Centurion CEO Mehrdad Moayedi said in a statement. “Partnering with the city of Plano has allowed us to reimagine a significant Collin County landmark in a way which retains the history of the original mall while creating a forward-looking community designed to bring Plano into its next century.”