From the cover
Mall overhaul
Key:
In a nutshell
COMMUNICATIONS PKWY.
Existing buildings
1-to-2 story retail building 18-story hotel 7-story office/ retail building
Scope of development
restaurant area will be preserved. Braster said the redeveloped property will align much better with current market conditions. “The interesting thing about this development plan is that it’s going to be much more of an all-year place,” Braster said. Muns said Plano City Council carefully evaluated the property to ensure that there was not an overabundance of apartment units and that the new development fit the character of the area. Council also encouraged Centennial to get buy-in from the community. “It was something that we wanted to make sure was done right, but time was of the essence,” Muns said.
Redevelopment of The Shops at Willow Bend has been identified as a way to revitalize an underperforming commercial center. Director of Special Projects Peter Braster said there has been a decline in leaseholders that has taken place because of major tenants, such as Apple’s retail store, leaving the property. “Time is important because at some point anchors were going to throw up their hands and look elsewhere,” Plano Mayor John Muns said. According to plans shared by Centennial, up to 530,000 square feet of the existing mall will be demolished. About 400,000 square feet that includes Dillard’s, Macy’s and Neiman Marcus, parking structures, and the existing
DNT TOLL
Residential buildings
MALL RD. C
O P
MALL RD. D
WILLOW BEND MALL RD.
W. PARK BLVD.
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MALL RD. B
MALL RD. A
SOURCE: CENTENNIAL/COMMUNITY IMPACT
How we got here
Changing hands
Developer Taubman Centers opens The Shops at Willow Bend
Starwood Capital Group buys Willow Bend
Starwood Capital Group loses the mall; Trigild is given control
Spinoso Real Estate acquires Willow Bend
Centennial’s purchase in 2022. Levin thinks this development could finally provide some stability for the mall, which has never estab- lished itself in the community. “It has the potential to be one of the most dynamic, communi- ty-based retail, restaurant, enter- tainment, shopping destinations in Dallas-Fort Worth,” he said.
Ownership of The Shops at Willow Bend has changed hands several times since opening in 2001. Starwood Capital acquired the mall in 2014, with plans to pump $125 million into a redevelopment, but the company lost the property in 2020 after defaulting on its loan. Two other companies, Trigild and Spinoso Real Estate had ownership of the mall between 2020 and
2001
2014
2020
2021
2022
2024
2025
2027
Centennial buys Willow Bend
Redevelopment plan approved by City Council
Willow Bend redevelopment to break ground
First phase of construction expected to finish
SOURCE: CENTENNIAL/COMMUNITY IMPACT
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