Luxury Rentals Planned for JCPenney Headquarters in Plano

Luxury apartments starting at $4,000 a month are part of the plan for Capital Commercial Investments and Streetlights Residential’s redevelopment of the JCPenney headquarters in Plano.

The developers are turning the 107-acre property, at 6501 Legacy Drive, into a mixed-use development called The Park at Legacy, and they received a key zoning approval for the project, Community Impact reported.

The proposed development is slated to include up to 750 apartments, four office towers, a hotel, restaurants and more than 20 acres of open space.

Dallas-based developer StreetLights Residential will spearhead the residential component, which is expected to mirror the style and features of other projects, such as The McKenzie in Dallas.

The firm plans to complete the residential portion in two phases. The first phase will include 365 luxury units along with parks, trails and a courtyard space, while the second phase will add 385 apartments and include a water feature surrounded by additional trails.

Plano has several apartment complexes that offer units that cost more than $4,000, but none whose prices start there, public listings show.

Capital Commercial has invested $30 million into site improvements and renovations since acquiring it in 2021.

Despite the project’s potential, it did face opposition during the council vote.

The city of Plano, about 20 miles northeast of Dallas, is positioning itself as a headquarters destination, often using economic incentives.

Fast-food chain Raising Cane’s received a $6.2 million economic development grant from the city of Plano to purchase and redevelop Ross Perot’s former Electronic Data Systems campus, a 400,000-square-foot property at 5320 Legacy Drive in Legacy Business Park, for example.

Philadelphia-based private equity firm Rubenstein Partners is putting $20 million into renovating PepsiCo’s former office campus, at 5600 Headquarters Drive, with the help of a $1.9 million economic development grant from the city.

Foundry Commercial’s office-to-industrial redevelopment in West Plano received $750,000 in public funding.

What kind of incentives package Capital Commercial Investments and Streetlights Residential could receive hasn’t been reported.

— Andrew Terrell