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.
Greg Coutant, senior vice president of development at StreetLights, said in a statement that “Residents can step into the energy of Legacy West or retreat into a thoughtfully designed environment that prioritizes comfort, privacy and quality of life,” according to Community Impact. With the equity locked down, the developer says the project is positioned to move into full construction and eventual leasing over the next several years.
