The long-quiet former JCPenney headquarters in Plano just landed a hefty financial boost, locking in $54 million in equity for a 22-story apartment tower that anchors The Park at Legacy overhaul. StreetLights Residential is leading the high-rise project, set to rise across from Legacy West with a handful of adjacent townhomes. Construction began in June 2026, and the developer is targeting 2029 for the first wave of residents.
According to the Dallas Business Journal, the roughly $54 million equity injection is being framed as a sign that investors are buying into the vision of turning the sprawling corporate campus into a mixed-use neighborhood. The outlet reports that the financing clears a major funding hurdle as the project moves out of the approvals phase and deeper into on-site work.
Project Details And Timeline
The planned tower will feature about 261 apartments in one- to three-bedroom layouts, plus three three-bedroom townhomes at 6501 Legacy Drive, according to Community Impact. Units are listed from roughly 682 to 2,843 square feet, and developer materials call for amenities such as a sky lounge, resort-style pool, coworking spaces and a fitness center. The publicly stated schedule has the project delivering in 2029, so anyone eyeing a move will need to play the long game.
Part Of A Bigger Master Plan
The tower is a centerpiece in the planned transformation of the roughly 107-acre campus, now branded The Park at Legacy, into a mixed-use hub with office towers, a hotel, restaurants and about 21 acres of open space, the Houston Chronicle reports. City documents also show Plano agreed to buy a 5.13-acre parcel for a new Mendomi Park, helped along by a $15 million donation from Toyota Motor North America, according to City of Plano records.
Why Investors Are Biting
Even with a wave of new apartments coming online, investors are still pumping money into Dallas-Fort Worth multifamily. Multi-Housing News notes that while inventory in the Metroplex has grown, demand for amenity-heavy, well-located properties has stayed strong. The Park at Legacy sits within close reach of major employers in Legacy West, which developers argue gives new luxury units a built-in leasing edge…