The Sloan Corners in Allen is gearing up to be one of the city’s most significant development projects in decades.
Sloan Corners is a 480-acre master-planned community at the southern corners of Interstate 75 and State Highway 121. The development will feature 10.6 million square feet of office space, 220,000 square feet of retail, and 6,000 multifamily apartment units.
When completed, the development project will occupy 261 acres along the Allen side of Interstate 75. The Fairview side will include 200 developed acres, according to Billingsley Company, the local development firm chosen to head up the project.
“The corners of I-75 and SH-121 are one of the last great undeveloped intersections in DFW,” said Lucy Billingsley, partner at Billingsley Company. “To do it justice, we intend to build something really spectacular here,” she said on the firm’s website.
Before any major construction begins, the City of Allen must build the proper infrastructure to support Sloan Corners, including roads, sewer lines, water detention, and storm drainage.
“Office buildings combined with high and mid-rise residences will bring both day and nighttime populations that are unmatched in the area,” Billingsley Company said on its website. “With acres of parks, bridges, and pedestrian trails that will run along the banks of Sloan Creek, this community will have more green space than Klyde Warren Park.”
The Sloan Corners development is forecasted to be valued at more than $3 billion once completed, Allen Economic Development Corporation Director Dan Bowman told Star Local Media.
With plans to generate nearly 6 million square feet of office space, Billingsley Company sees Sloan Corners as a major hub for employment in North Texas. Along with the office space, the project includes a 32-acre park surrounded by multiple retail and entertainment establishments.
As developers flock to Allen, Frisco, Plano, and other parts of North Texas, so do the tax dollars generated by their projects. With fierce competition around the metroplex, Dallas has regularly struggled to attract large-scale development projects. This is likely due in part to City’s slow permitting process due to the Development Service Department’s long turnaround times.
When it comes to the tax dollars generated by Sloan Corners, the City of Allen could receive $300 million over the next 30 years, Bowman told Star Local Media.
“When you think about that tax revenue coming in, it really allows us to provide city services for that development as well as extra dollars for services throughout Allen,” he said. “We can go in and use it for road projects, to fill potholes, hire police officers and firefighters.
“The nice thing about this development is a net positive to this community.”
The office buildings are expected to be completed and occupied by 2027.
“I’m looking forward to when the citizens of Allen and the business community can go sit on a patio overlooking a beautiful park, go walking or jogging on the trails or a major business opens up in one of the midrise office buildings overseeing the beautiful project, and we’re all there to cut the ribbon and see it become a reality,” Bowman said.
Trackbacks/Pingbacks