JCPenney Selects Local Team to Develop Land Surrounding Plano Home Office
The Karahan Companies, KDC, and Columbus Realty chosen as developers
PLANO, Texas (Feb. 6, 2014) - JCPenney announced today that it has entered into a new partnership to develop the vacant land around its Plano, Texas home office in the Legacy Business Park. The new partnership will be managed by Team Legacy, a venture of the Karahan Companies, Columbus Realty, and KDC.
The new project, Legacy West, consists of 240 acres at the southwest corner of the Dallas North Tollway and State Highway 121, and is considered a prime office and mixed-use development site in the heart of Legacy Business Park, one of the premier business parks in the country. Legacy West will be a natural extension of Legacy Town Center, a mixed-use development presently located only on the east side of Dallas North Tollway.
JCPenney purchased the land in 1987, shortly before moving from New York City to Texas, and completed its Plano home office in 1992. The Company was one of the first to move to the Legacy corridor, which is now home to multiple Fortune 500 companies and is a leading shopping, dining and living destination.
"We have seen a great deal of business and residential growth around the home office over the last 25 years, and now is the time to capitalize on this attractive asset," said Katheryn Burchett, senior vice president of real estate and property development at JCPenney. "Karahan, Columbus, and KDC are trusted partners with a respected reputation, and we believe they will develop the land adjacent to our home office thoughtfully. This new project will be a positive venture for our Company, our associates and all of North Texas."