It didn’t take long for Los Angeles-based Regent Properties to announce plans for a massive $120 million redevelopment of Texas Instruments’ former Spring Creek campus in Plano. The firm acquired the property on Dec. 17.
That’s because there was no time to waste, with potential office tenants seeking more than 7 million square feet of office space eyeing the property, Regent President Eric Fleiss told the Dallas Business Journal. The property currently has 960,000 square feet of space.
“We have already seen a lot of demand from tenants excited we are bringing this kind of high-end, cool campus lifestyle to Texas,” he said. “We are seeing interest from all different types of tenants and industries.”
In September, Fleiss spoke with the DBJ in an exclusive interview about the firm’s acquisition and plans for a major ovehaul of the property at Legacy Drive and North Central Expressway in Plano to make it an office campus destination. Now, the firm is getting ready to get underway on those plans in the next 60 days.
“There’s an overwhelming demand for space by large corporate tenants in North Dallas,” Fleiss told the DBJ. “We plan to spend $50 million upgrading the existing property to bring it to a high-end cool campus like you’d see in California or at the Apple campus in Austin.”
The remainder of the $120 million overhaul will be spent on a new hotel, as well as restaurant and retail space, to support the expanding corporate magnet, which is being marketed as Legacy Central.
Plans for the redevelopment of the four former Texas Instruments (Nasdaq:TXN) buildings and fitness center — which were built in the 1980s — call for major upgrades to common areas that will focus on recruiting and retaining millennial employees. Those improvements include such things as bringing coffee kiosks to the campus, upgrading the building facades, campus amenities and improving the property’s landscaping.
Along with the existing buildings, Regent Properties also could develop built-to-suit, mid-rise office buildings on the property’s available land. In all, the campus is entitled for up to 3.7 million square feet of real estate.
“There are tenants that love the single- or two-story buildings, which are often too expensive to build right now, but they are also wanting six-story to 10-story towers on the freeway,” Fleiss said. “This is such a blank slate and we have the ability to create new structures.”
Regent Properties plans to re-orient the campus to North Central Expressway using vacant land along the roadway for new development.
Other development plans include building a 150-seat auditorium, a variety of indoor and outdoor conference rooms, a 30,000-square-foot fitness center with yoga rooms, lap swimming pool and tennis court, a 1-mile jogging and biking trail, coffee kiosks, 4-acre park and a high parking ratio of 5.5 parking spaces per 1,000 square feet of space.
Fleiss said his leasing team is marketing to office tenants seeking 25,000 square feet to 1 million square feet of space. Duane Henley and Nathan Durham of Transwestern’s Dallas office are leasing the property on behalf of Regent Properties.
Dallas-based BOKA Powell is the project architect. A general contractor has yet to be named.
Texas Instruments is leasing two of the buildings through 2016 until it transitions its business away from the campus. The initial phase of redevelopment will begin in this year’s second quarter, but the remaining phase will begin in 2017 after Texas Instruments leaves the campus.
Plano Mayor Harry LaRosiliere said the city is excited Regent Properties is moving forward with the redevelopment of the campus.
“This project is another great example of the ongoing economic development momentum across Plano,” LaRosiliere said. “It’s yet another indication that Plano is the place where people want to live, work and play.”
Regent Properties has worked on a number of projects throughout the region in the past two decades, including the 1,000-acre master-planned community known as Post Oaks in Frisco and two office buildings in Addison and Irving.