$1B Mixed-Use Project Set to Rise Near Dallas

Centurion American Development Group has acquired a suburban shopping mall in Plano, Texas, with plans to redevelop the property through a multi-phase project.

By Holly Dutton

Aerial view of Collin Creek Mall

Centurion American Development Group has acquired Collin Creek Mall and the adjacent Sears property in Plano, Texas, with plans to redevelop the 1.1 million-square-foot mall into a major mixed-use project.

An Avison Young team of John Schupp, Mike Kennedy and Darrell Betts represented the sellers, Midland Loan Services, a division of PNC Bank and Sears.

Built in 1992, the two-story shopping mall sits on roughly 50 acres at 811 Central Expressway. The adjacent Sears site, located at 851 Central Expressway, includes approximately 12 acres. Centurion American is planning a mixed-use development that will include various types of residential properties, office buildings, multiple restaurants, a hotel, retail space and more. The firm recently told the Dallas Morning News that the project will amount to $1 billion.

Out with the old

Centurion is anticipating launching construction at the development this summer, once rezoning is approved. The project is expected to be completed in phases, with a final completion date set for 2021.

“This is an efficient and attractive redevelopment of the property,” said Schupp in prepared remarks. “Plano is an extremely hot market and finding a parcel of land this size anywhere in the area is a challenge. The proximity to a diverse variety of corporations, George Bush Turnpike and the region’s interstate highways makes this a highly desirable location.”

In October 2017, Centurion spent $225 million to redevelop The Statler in Dallas, a downtown hotel originally built by Conrad Hilton in 1956.

Image via Google Maps

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