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Triten Real Estate scraps Plano mall for mixed-use hub
Offices, apartments, retail and restaurants will be developed by late 2023
A mall built in Plano in the 1980s that has been home to retail outlets and antique shops will be transformed into a mixed-use development.
Houston-based Triten Real Estate Partners is creating a hub of offices, apartments and retail called Assembly Park in the space of the former Plano Market Square Mall, which the firm purchased last year. Parts of the mall will be converted into office space while others will be demolished.
The plans call for 180,000 square feet of Class A office, 16,500 square feet of retail and dining and more than 300 residences, all surrounding a park, according to a news release. Construction is expected to be complete by late 2023. The project underscores a demand for more spaces to work, live and play in the Dallas suburbs as more people relocate to the area or trade the city for suburbia. Malls have also been redeveloped all over the country as e-commerce continues to dominate the market.
“We believe this convergence of activity and green space will appeal to a diverse range of residents and employers who value all the intangibles that Assembly Park offers,” John Hardaway, partner at Triten Real Estate, said in a statement.
Ryan Smith and Sarah Velten with Dallas-based Northview Company are leasing the retail space. Nathan Durham and Duane Henley with New York-headquartered Newmark are leasing the office space.
The creative office portion is designed by Dallas-based Agent Architecture and Austin-based Michael Hsu Office of Architecture.
The mall, which was recently known as the Plano Market Square Mall, was built in 1983 and was called the Outlet Malls of America, according to Assembly Park’s website. Anchored by TJ Maxx, the outlet mall included stores such as Children’s Place, Famous Footwear and Diamonds Unlimited. At the time, Dallas Morning News pegged it as the next step in the shopping evolution. However, the outlet mall concept began to fail by the ’90s, and the space was converted into an antique mall. In 2019, the property owner began searching for a buyer interested in transforming the space.