Dallas is losing both of its major professional sports teams from the city center in quick succession, delivering a significant blow to Downtown Dallas as major corporations continue their shift to the suburbs.
The Dallas Stars announced Tuesday they have signed a non-binding letter of intent to build a new billion-dollar arena and entertainment district at The Shops at Willow Bend in Plano. This comes one day after the Dallas Mavericks revealed plans to leave American Airlines Center for a new arena and mixed-use development at the former Valley View Mall site in North Dallas.
The Stars’ current lease at American Airlines Center runs through 2031. Team officials described the Plano project as a “once-in-a-lifetime opportunity” that would create a modern sports and entertainment hub north of downtown. Plano City Council is scheduled to consider the proposal on Monday, June 8.
A statement from the Dallas Stars:
— Dallas Stars (@DallasStars) June 2, 2026
These moves compound challenges already facing downtown. AT&T announced earlier this year it will relocate its global headquarters to Plano by 2028. Fifth Third Bank is vacating its space in the Comerica Bank Tower and moving its Texas regional headquarters to Preston Center in North Dallas. Neiman Marcus also confirmed it will close its historic downtown flagship store on Main Street at the end of September.
The departures highlight a broader trend of companies and organizations leaving the urban core for suburban locations with easier access, newer facilities, and different economic incentives. Downtown Dallas has grappled with high office vacancy rates, which some estimates place near or above 30 percent.
City leaders and business groups have expressed concern about the long-term impact on foot traffic, jobs, tax revenue, and the vibrancy of the central business district. While some redevelopment efforts continue, the back-to-back announcements from the city’s two flagship sports franchises mark a notable shift in Dallas’ entertainment and economic landscape.
The American Airlines Center has served as home to both the Mavericks and Stars since 2001 and remains a key venue for concerts and events in the near term.
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