Earlier this week we made a Facebook post about the progress of Plano’s $400 million Legacy West and we would thought it would be a good idea to dive a little deeper into this topic. Upon completion, Legacy West Urban Village will become a Plano staple, and it’s easy to see why. The 38-acre mixed-use project is considered the ‘centerpiece’ of the $3 billion Legacy West, which is slated to be completed by the end of 2017. The team of developers recently informed us that Legacy West has reached the halfway point of completion, which is excellent news for business owners and residents alike. When all’s said and done, the urban village will house numerous upscale and contemporary restaurants, shops, and more. At present moment, approximately 85 percent of the Village’s shops and restaurants are spoken for. Many of the eateries and retail locations will begin opening their doors by the end of 2016, which is great news for the corporate workers that are moving into the area, such as those for Toyota, Liberty Mutual Insurance, and JPMorgan Chase.
Beyond the restaurants and boutique shops, those involved in the project estimate that the first 1,000 residents will be able to move in by the end of this year. The next phases will continue over the next year or so, which is a welcome pace for those itching to get in.
The Latest Legacy West Campus Announcement Includes…
Since we are at the halfway point of the project we thought it would be a good time to check in to see who all will be occupying the development. One of the latest – and biggest – announcements of late came from Chase, who quietly began construction on their 50-acre Plano campus. Upon completion, the Legacy West campus should employ more than 6,000 workers. The site of the project is on the south side of Highway 121 and will change the skyline of the area, as this part of the project is seeing the most construction of anywhere else. Chase plans on moving bankers and other workers from locations throughout North Texas into the West Plano campus once the project reaches completion.
In addition to Chase, Liberty Mutual is also building a couple of towers on the west side of the tollway which are expected to span nearly 1 million square feet.
Over the next two years, developers are predicting that more than 15,000 people will be working in the Legacy West Urban Village, which will make it one of the largest business complexes in Texas.
What This Means for the Real Estate Market
As we’ve discussed in the past pertaining to projects such as Legacy West in North Texas, the implications are huge for the housing market. If the predictions of 15,000 new people working in Legacy West are accurate, this will mean big things for Plano’s real estate market. While there are tons of new residential construction underway in Legacy West and elsewhere, we all expect to see people searching for older homes in the area. This is excellent news for those thinking about selling their Plano home in the coming years. Home prices continue to rise, which means that homeowners can expect to make a profit. As projects like Legacy West come down the home stretch, we will continue to see changes in the real estate market and economy overall.
For more information on the Legacy West development or any other new construction projects in Plano, Frisco, and the surrounding areas, please contact The Cheney Group today. Our Frisco Realtors are prepared to answer any questions you may have and are happy to provide you with a little insight to the housing market in North Texas.