StreetLights Residential has lined up a new capital package to advance a 22-story multifamily high-rise within The Park of Legacy, a former 107-acre office campus in Plano that is being transformed into a mixed-use destination. The planned tower, scheduled to deliver in 2029, represents a key residential component in the broader repositioning of what once served as JCPenney’s corporate headquarters.
The financing includes $54 million in equity and $111.5 million in construction loans to fund the ground-up apartment project. The structure is arranged on a five-year term, supporting the development and initial stabilization period for the property as it comes on line within the evolving mixed-use environment at The Park of Legacy.
Northmarq’s Dallas debt and equity team arranged the equity portion of the capital stack on behalf of StreetLights. The assignment was led by Joel Heikenfeld, Charlie Rimkus and Charlie Robinson, who secured the equity to complement the construction financing for the high-rise. While the specific lending sources were not disclosed, the combined equity and loan commitments give the developer the financial runway to proceed with the residential phase of the campus conversion.
The high-rise is planned with a mix of unit sizes ranging from 682 to 2,843 square feet, targeting a range of renter profiles. In addition to the tower residences, the plan calls for three adjacent three-bedroom townhomes, each ranging from 3,283 to 3,316 square feet, adding a low-rise, larger-format housing option immediately next to the multifamily building.
Planned amenities for the new community include a pool with private cabanas, a sky lounge designed to offer panoramic views, and a golf simulator. Residents will also have access to a fitness center and coworking spaces, reflecting demand for on-site wellness and flexible work areas. The project will incorporate a library and pet-friendly features to broaden its appeal to a variety of households.
The apartment tower and townhomes will join apartments, hotels and restaurants planned as part of The Park of Legacy’s transition from a single-user corporate campus to a more diversified mixed-use setting. As the former JCPenney headquarters site continues its evolution, this residential phase is positioned to help anchor a new live-work-play environment within the broader Legacy area of Plano.
The Connect Texas Multifamily event in Dallas on August 13 is slated to convene owners, developers, brokers, investors and lenders active in the state’s multifamily sector for networking and market discussions related to projects like this and other ongoing developments.
