Agarwal, StreetLights Plan Apartment Towers in Plano Redevelopment

Capital Commercial Investments has massive mixed-use plans for the former JCPenney corporate campus in Plano.

The Austin-based investment firm is proposing to redevelop the 97.3-acre site at 6501 Legacy Drive with high-rise apartments, office buildings, hotels and retail, the Dallas Morning News reported.

The firm plans four office buildings totaling 1.2 million square feet. It is partnering with StreetLights Residential to develop two apartment towers, rising 20 and 22 stories, with up to 750 luxury units.

Besides that, plans include 425 hotel rooms and 20,000 square feet of retail. An environment akin to popular areas like Legacy West and HALL Park is envisioned, plus dog parks, sports courts, a 4-acre pond and 4 miles of walking trails.

The plan comes four years after JCPenney’s bankruptcy and subsequent exit from the building during the pandemic, leaving the property largely vacant.

Since acquiring the site in 2021, the firm, led by founder and president Doug Agarwal, has made major enhancements, investing millions into completing unfinished sections of the campus, adding recreational amenities such as pickleball courts, game rooms and outdoor spaces, and renaming the site “The Park at Legacy.”

These upgrades have positioned the site as “one of the most amenity-rich destinations” in the Dallas Fort Worth metroplex, said Andrew Lodeesen, the firm’s executive vice president of development. The landlord’s commitment to upgrading the property has already attracted several tenants, including JCPenney, which returned in 2023 to occupy 300,000 square feet of office space.

The high-end apartments will cater to the growing demand in Plano for luxury rentals, particularly among older residents looking to downsize, said Greg Coutant, senior vice president at StreetLights.

Hurdles are still ahead. Plano’s planning and zoning commission raised concerns during a meeting last month, including the need for more detailed traffic and environmental studies. As a result, the commission tabled the proposal until Oct. 21.

— Andrew Terrell