50Plano.com Presents the Multi Billion Dollar Hot Zone, the Hottest commercial and residential real estate development in the country. Two Texas counties (Collin and Denton) and three main cities (Plano, Frisco and The Colony) are at the nexus of very affluent, luxury development area that is sweeping Dallas-Ft. Worth and the entire country. Billionaires like Warren Buffett, Jerry Jones, the Perot family and others high net worth individuals and families have invested heavily in this area which has drawn major U.S. corporate headquarters, including the following new additions:
Toyota US Headquarters
Dallas Cowboys World Headquarters
Ford Center at the Star
Headquarters Drive in Plano, which is where 50Plano is located, has already been a hub of major corporate headquarters such as JC Penny, McAfee, Intuit and several others. And thus the top executives of these organizations would demand appropriate luxury housing that would then fuel other nearby affluent developments over the years. One of those developments would become Shops at Legacy, which helped elevate Plano (Legacy West) to the next level of upscale living and business. How did this area even become so hot? It goes back to the business smarts of EDS (now Hewlett Packard) founder Ross Perot, who wisely bought up 2,700 acres of land near Dallas North Tollway along Legacy Drive in the 1980s. EDS planted its massive headquarter campus here. As D Magazine reported, not long after, Frito-Lay and JC Penny hopped on the bandwagon with their headquarters moving here.
Upscale residential and commercial real estate developments followed, drawing in an educated workforce. And this led to even more corporate headquarters moving here in the 1990s and later. That cycle of affluence, combined with Plano’s highly regarded school system, consistent safe city rankings, and other quality of living factors, created the ingredients for prosperity. And as we reported, several major business news outlets have ranked Plano and now Frisco as the most affluent cities per capita in the country, rivaling even the likes of Beverly Hills, among others.
The History of the West Plano Legendary Business Area
Back to Shops at Legacy, though. We’ll let D Magazine recount the vision that led to what became Shops at Legacy, which has anchored this hot zone and has led to competing developments coming up over the next year or two:
“was never Perot’s vision. He always saw Legacy as having a singular use—a corporate headquarters park. It was Marilyn Kasko who saw things differently. EDS’ former director of asset management used to drive around the park and envision its future. One thing she found missing: amenities.
“I’d go have lunch at Park and Preston, and all of EDS was down there,” she says. “You’d see the company stickers on their cars. It was crazy.”
Kasko discussed the challenge with Art Lomenick, a former exec with Post Properties. He told her about an emerging “live-work-play” concept called “New Urbanism,” and put her in touch with one of its pioneers, Andres Duany. After several years of research and a Duany-led charrette in Plano, plans for Legacy Town Center were born in the late 1990s. RTKL did the masterplan, Lincoln Property Co.
handled office development, and Fehmi Karahan was selected to oversee The Shops at Legacy.
“It was the exact opposite of what had been intended for Legacy,” Kasko says of the town center. “Legacy was built with large setbacks—big expanses of landscaped grounds, no sidewalks, very car-friendly. We were talking about people-friendly, walking spaces, and things right up close to the curbs. It broke all of Legacy’s rules.”
Today, the dense mixture of hotels, residences, restaurants, and shops is one of the most successful examples of New Urbanism in the country.
Kasko left EDS for an executive post with Abbott Laboratories in Chicago in 2003, but today, nearly 10 years later, she remains fiercely protective of Legacy Town Center—and adamant that credit for its success be shared with the many people who worked on it.
“It takes a village to build a town center,” she says.
Source: D Magazine October 2012
The Real Estate Development Behind the Juggernaut
So Perot planted the seed for the Legacy Business area, Kasko watered it, but who was the main guy to make it a reality? Turkish born developer Fehmi Karahan. Dallas Business Journal did a write up about him earlier this year, recounting the history of how Shops at Legacy and the Legacy Town Center/Business area came to fruition. The article goes on to detail how he’s the real estate developer behind the $2 billion extension called Legacy West (yeah, everybody uses the prestigious Legacy moniker a lot). Karahan helped bring Toyota, Liberty Mutual and FedEx to the affluent area. Karahan said
“We wanted to do some massive land planning that would help us create the best value and give us the most flexibility with the changing times,” Karahan said. “Two years ago, who would’ve known we would have so much success in such a short period of time.”
Interesting bit of Plano’s affluent birth, eh? PlanoTexas.org provides some key facts about the Legacy Business area:
Legacy has already attracted nearly 16 million square feet of corporate and regional headquarters and provides a distinctive address to many top corporate names, including:
- HP Enterprise Services
- J.C. Penney
- Dr Pepper Snapple Group
- Bank of America Home Loans
- Capital One Finance
- FedEx Office & Print Services (future site)
- Intel Security
- Tyler Technologies
- Pizza Hut / Yum! Restaurants International
- Toyota North America (future site)
- Liberty Mutual Insurance Company (future site)
Nearly 60,000 people live and work in the park.
For more key facts about demographics and corporate residents, click here. We’re mainly interested in the fact that the media income for Plano is almost $83,000, and over half the residents have a bachelor’s degree. Six Fortune 1000 corporations call this hot zone home. Yet the median home value has been hovering at around a quarter of a million dollars.
What have major business news media said about this 50Plano.com hot zone? Washington Post/NerdWallet a couple of years ago named Plano the 9th best place for young entrepreneurs, thanks in large part to this hot zone.
Clearly, for anyone who knows the luxury industry, we can safely predict that luxury goods and services will increase their allure to the residents here. And 50|Plano will be on top of all the action.