Development will bring office, retail and apartments to Allen
Dallas News Steve Brown, Real Estate Editor
A major new urban development on U.S. Highway 75 has gotten the go-ahead from Allen’s City Council.
The 73-acre Stacy Green mixed-use project is planned at the southwest corner of U.S. 75 and Stacy Road. It’s the last vacant corner on the busy intersection.
Dallas-based Provident Realty Advisors and Glaser Retail have been working 18 months on plans for the land.
“This is an important piece of property,” Provident CEO Leon Backes told the City Council Tuesday night. “Stacy Green is going to be a very exciting project for the city of Allen. It’s something we have done in other cities.”
The development includes a mix of retail, office, and apartments. A theater and hotel also are planned.
Provident Realty and Glaser Retail cut the number of planned apartments in half and added townhomes to Stacy Green to garner officials’ support for the project.
“We want to be a part of the community and respond to what we have heard from the community,” Backes said.
Dallas architect GFF and Architecture Demarest did designs and renderings for the project.
Dallas-based Stream Realty Partners is working with Stacy Green’s developers on the office part of the project. Tim Terrell of Stream Realty said that the retail and apartments will help recruit businesses to the planned office space.
“We’ve had a paradigm shift in corporate America in what they are looking for and where they want to be,” Terrell told the City Council. “The driver today is live, work, play environments that optimize employee recruitment and retention.”
The property was previously zoned commercial and would have allowed construction of a big box retail center or car dealerships.
“To say we can’t handle more traffic, you can’t build anything doesn’t make sense,” said Allen City Council member Kurt Kizer. “It’s what people are wanting — that’s what’s driving this.”
Kizer pointed to the success of mixed-use developments including Allen’s Watters Creek and the Legacy West development in Plano. “You have all these millennials, and this is what they want,” he said.
Allen’s City Council was split on the project with several representatives against Stacy Green.
“This one — as it is beautiful and has been laid out very well — it just does not fit in this spot,” said councilman Baine Brooks. “It feels like it’s a square peg in a round hole.”
Still, the council approved the project with a close vote. It was the third time the development had been up for consideration.
“We are ready to put our money where our mouth is and get started,” Provident CEO Backes said. “We have tenants — it’s ready to get started.”
The Stacy Green site is one of the last remaining pieces of the old Stacy family farm.
Allen Premium Outlets shopping center is across the street. And the Village at Allen and Village at Fairview shopping centers are on the east side of U.S. 75 along Stacy Road.