"Out with the old, in with the new" seems to be the mantra of the North Texas real estate market.
It was just announced that the former headquarters of JCPenney in Plano will be given a new billion-dollar facelift!
The plans for the site in Northwest Plano include converting it into a "mixed-use community" that features up to 750 multifamily units, five townhomes, five office towers, a 10-story hotel, 21-acres of open space, and four restaurants.
According to WFAA, a 5-acre city park, funded by a $15 million donation from Toyota and $4 million from the city of Plano, is also being planned.
Construction on the residential part will occur in two phases: the first with 365 residential units, 8.5-acres of open space, two dog parks, 1.5 miles of trails, and a courtyard.
The second will continue with 385 units, a 4-acre pond, a 250-room hotel, and an additional 1.5 miles of trails.
No word on when construction is set to begin.
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