Developer Purchases Collin Creek Mall
Plano’s failing Collin Creek Mall has a new owner who is ready to push ahead with redevelopment of the high-profile property.
Developer Mehrdad Moayedi, who restored downtown Dallas’ landmark Statler Hotel, just completed the purchase of the 37-year-old shopping center off U.S. Highway 75. He’s been working to close the deal since this summer.
He plans to turn the old shopping center into a $1 billion mixed-use project.
Moayedi’s group will tear down sections of the 1.1 million square foot mall and repurpose other parts. He said about 400,000 square feet of retail will remain on the site, which is west of Plano’s revitalized downtown.
No one entity owns Collin Creek Mall. Department stores own their buildings. Outside, the ring around the mall parking lot has multiple owners of buildings housing more stores and restaurants.
Collin Creek is owned by banks after two big shopping center developers abandoned it and let it go back to the lender in 2015.
The developer said he’s worked with Plano officials on how to repurpose the prime property.
Plano’s historic downtown has redeveloped with new housing and retail space supported in part by DART’s commuter rail line.
Built in 1981, Collin Creek Mall lost business in the last decade to newer shopping centers and saw anchor tenants depart. Over the years, several redevelopment proposals were floated that called for tearing down all or part of the mall.
Moayedi has a track record of doing big North Texas real estate deals.
His firm spent $250 million to buy and convert the vacant Statler Hilton into a combination of apartments, retail space and hotel rooms. And he’s renovating the landmark Cabana Hotel near downtown.