The city of Plano is taking a proactive approach to address an obsolete office building. In partnership with Foundry Commercial Holdings, the town has awarded an economic development grant for the redevelopment of a vacant office building in south Plano.
Valued at $750,000, this grant will fund the transformation of a 275,000-square-foot property located at 2700 W. Plano Parkway. Previously occupied by Transamerica’s Plano office until May 2020.
According to Community Impact reports, Foundry Commercial is required to demolish and replace the existing structure with a minimum of 300,000 square feet for manufacturing, industrial and research and development purposes. The new property must also have improvements worth at least $21 million by Dec.26th ,2026.
Funding for this project will be sourced from Plano’s Economic Development Fund as stated in city documents.
With offices across thirteen locations managing over seventy-two million square feet and boasting an impressive D & I transaction volume totaling $4.4 billion; Foundry Commercial brings extensive expertise to this venture.
This article was originally published on Connect CRE.
