A local asset management firm is planning to invest billions to build a life sciences complex in Plano.
Dallas-based NexPoint Development Co. has an ambitious plan to invest more than $3.6 billion to transform over 1.6 million square feet of existing office space in Plano into what the firm calls the “TxS District,” short for “Technology x Science,” according to The Dallas Morning News
The TxS District would be located in the Legacy Business Park in Plano at the 98-acre former headquarters of Electronic Data Systems, just east of the Dallas North Tollway
Construction on the science complex will occur over multiple phases, covering 135 acres upon completion.
NexPoint’s vision for the TxS District is for its future facility to attract top-level researchers in the field of gene and cell therapy. With a state-of-the-art science lab and plenty of manufacturing space, NexPoint believes the facility’s future capabilities will be ideal for biotech and pharmaceutical firms of all sizes.
NexPoint has been in ongoing talks with city leaders about developing the future TxS District. The firm says it is considering tapping into Plano’s economic development incentive programs, which will provide it with a mix of tax incentives and cash grants to build the planned facility.
NexPoint Development Co. president Frank Zaccanelli argues that the project will require the right public-private partnership to get the project off the ground.
“If any city can figure out how to make this work, it’s Plano,” said Zaccanelli, per The Dallas Morning News.
Plano City Manager Mark Israelson believes the project has the ability to transform Plano’s Legacy Business Park into a new purposeful science complex that attracts jobs and talent to the area.
“Their vision for the project will provide Plano with an opportunity to compete with New England and Southern California for industry-leading jobs and programs,” Israelson said, as reported by The Dallas Morning News.
As major development projects pour into North Texas, Dallas is failing to outcompete neighboring cities for the new investment demand. Unlike Plano City Manager Israelson, who can focus his attention on attracting commercial real estate opportunities to his city, Dallas City Manager T.C. Broadnax is still struggling to fix the City’s handling of land development — particularly its building permit process, which still logs a 43-day average turnaround time for new single-family permits.