AddThis

J.C. Penney enters partnership to develop land around headquarters

Plano, Texas – J.C. Penney Company has entered into a new partnership to develop the vacant land around its Plano, Texas, home office in the Legacy Business Park. The new partnership will be managed by Team Legacy, a venture of the Karahan Companies, Columbus Realty, and KDC.

The new project, Legacy West, consists of 240 acres at the southwest corner of the Dallas North Tollway and State Highway 121, and is considered a prime office and mixed-use development site in the heart of Legacy Business Park. Legacy West will be a natural extension of Legacy Town Center, a mixed-use development presently located only on the east side of Dallas North Tollway. Penney purchased the land in 1987, shortly before moving from New York City to Texas, and completed its Plano home office in 1992.

"We have seen a great deal of business and residential growth around the home office over the last 25 years, and now is the time to capitalize on this attractive asset," said Katheryn Burchett, senior VP of real estate and property development at J.C. Penney. "Karahan, Columbus, and KDC are trusted partners with a respected reputation, and we believe they will develop the land adjacent to our home office thoughtfully.  This new project will be a positive venture for our company, our associates and all of North Texas."

© 2014