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New townhouses at Plano’s Collin Creek Mall site will start in the $500,000s

Collin Creek developer Centurion American has picked the first three homebuilders for the $1 billion project.

Developer Centurion American is breaking ground this week on the first phase of the $1 billion mixed-use project that will replace Plano’s Collin Creek Mall.

The developers have also picked three builders that will construct 500 luxury townhouses in the more than 100-acre project on the west side of U.S. Highway 75.

Ashton Woods Homes, Gehan Homes and Mattamy Homes will build two- and three-story townhouses on the west side of the development that will be priced starting in the $500,000s.

Work on the home sites is underway and will be finished for the residences’ construction next summer.

Centurion American purchased the the 37-year-old Collin Creek regional shopping center in 2018 with plans to replace the failing mall with a variety of new construction.

The city of Plano stepped up to partner on the deal, providing financial incentives.

“With more than 400,000 square feet of retail, signature restaurant concepts, upscale residential living, entertainment and more, this will truly be a development where people can live, work and play,” Centurion American president and CEO Mehrdad Moayedi said in a prepared statement. “We’re looking forward to bringing to life an unmatched experience for residents and visitors alike in such a prime location of Plano.”

Retail at Collin Creek will be built in part of the old mall along with new buildings on the property. A collection of restaurants and entertainment destinations, 8.9 acres of parks and 1.6 miles of walking trails are also planned.

Apartments, offices and a hotel are also included in the plans for the old mall site.

“We have worked diligently with the city of Plano to develop a guiding character that will be applied to residential and commercial building designs,” Michael Zizik, partner and architect at Bush Architects, said in a prepared statement. “We are working to ensure the design elements remain relevant and desirable for years to come.”

Construction is underway on site grading and utilities on the property. And the former J.C. Penney department store will be demolished next month.

Construction on the huge new parking garage to serve the development is scheduled to begin in the fourth quarter of this year.

A formal groundbreaking for the project is set for Friday.

Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.

stevebrown@dallasnews.com @SteveBrownDMN
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