Change is coming to a long-overlooked corner of East Plano.
Houston real estate developer Triten Real Estate Partners plans to redevelop the Plano Market Square Mall into a mixed-use area named Assembly Park.
The site will include 180,000 square feet of office space and 16,000 square feet dedicated to retail and dining. The development will also include 305 apartments and townhomes.
Assembly Park is at Central Expressway and Spring Creek Parkway, between the Legacy Central development and Oak Point Nature Preserve, which will be connected to the site with bike trails. Assembly Park will also feature green spaces and an event stage that will host programming, including fitness classes, live music and movie screenings.
Triten bought the property in January from Matthew Loh and his family, who purchased it in 2003. Loh’s father founded Hong Kong Market Place, an Asian grocery store, in Arlington in 1985 and once envisioned filling the Plano mall with another branch of the grocery store and other Asian retailers. After Garden Ridge Pottery, which would become the home design chain At Home, moved out of the mall in the early 2000s, the mall was left mostly vacant.
Redevelopment of the mall was a central piece of the Envision Oak Point plan developed by Plano city leaders to help create a long-range plan for the area’s development. The plan envisioned the mall becoming a “village” with increased walkability and a mix of housing options and retail services for residents.
“We saw the potential to reinvent Plano Market Square Mall in the depths of the COVID quarantine,” said Triten founder Scott Arnoldy in a statement. “Working with the city to embrace the [Envision Oak Point] plan’s designation of a village, we believe we have created a plan for a truly unique place to come work, live or dine in a thoughtfully conceived development made for the post-COVID lifestyle.”
Site work will begin before the end of this year. The project is slated for completion by the end of 2022. The redevelopment will be designed by Austin-based Michael Hsu Office of Architecture and GFF Architects, which has offices in Dallas, Fort Worth and Austin.
Triten has a history of similar mixed-use projects in the area –– the firm announced plans for its Work/Shop development in Far North Dallas and last year revamped The Commons, a 90,000-square-foot office building.
Nathan Durham and Duane Henley of Transwestern will lead the site’s office leasing efforts, and Ryan Smith and Gabi Shaff of Venture will oversee Assembly Park’s retail leasing.