WEST PLANO, TX—While J.C. Penney Co.'s is busy figuring out how to compete with Target, it is not too busy to think about developing the land around its headquarters here. That property is one of the largest vacant parcels in West Plano, says the Dallas Morning News, and the retailer may be ready to take it to the checkout line.
The paper cites real estate brokers say that Penney has picked a development team led by Plano-based Karahan Cos. that includes Columbus Realty and KDC.
The spot is considered a prime office and mixed-use location, benefitting from years of major road construction in the area. The 240 acres of land face Dallas North Tollway and State Highway 121.
“We're exploring various real estate options, but nothing has been confirmed at this time,” Penney spokesman Joey Thomas, told the Morning News.
Penney has owned the land since 1987 and was one of the first companies to move to the area after EDS led the way with its campus-style development near the tollway. Penney made enough money from the sale of its Manhattan office building to buy the land and build a 2 million-square-foot headquarters building facing Legacy Drive.
The chain of 1,100 department stores is undergoing a transformation under CEO Ron Johnson. It's spending about $850 million a year on technology to remake its stores into a collection of branded shops. It has cut costs by about the same amount, but steep sales declines have weakened cash flow.
Click Morning News to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
