In February 2024, council adopted a Retail Revitalization Program that is designed to promote the redevelopment and revitalization of underperforming retail centers so they can contribute positively to surrounding residential neighborhoods and increase the city’s tax base.

To date two retail centers have been awarded grants under city manager authority. They are: (1) the northwest corner of Jupiter and 14th Street (grant  amount: $98,000); and (2) northeast corner of Park Boulevard and K Avenue (grant amount: $25,000).  Both grants are within 10% of overall expenditures by the retail center owner.

Parker Plaza West is an 8.58-acre retail center located on the northwest corner of Parker Road and Custer Road.  It was developed in 1974, and has not seen any extensive improvements since first developing. Currently, the 101,797 square foot center is only 79% leased.

The owners now are planning a $4 million rehabilitation.  Scope of the rehabilitation includes: the reconfiguration of parking lot and walkways to meet current code regarding parking, landscaping, and ADA compliance; resurfacing of parking lot; remodel of the western facades of Buildings A & B and northern facade of Building B; repainting of entire center; upgrading the lighting and signage; and installation of irrigation and extensive new landscaping.

This item approves an Economic Development Incentive Agreement between the City of Plano and Parker Plaza West, LP.  Grant funding is available within the retail rehabilitation grant fund.