StreetLights Residential is currently constructing a 22-story apartment building at 6501 Legacy Drive in Plano, Texas. Situated on the site of the former J.C. Penney headquarters campus, this project represents a major transformation of a well-known commercial footprint into a vibrant residential hub. Construction officially broke ground in June, with the project slated for completion in early 2029. The development will feature 261 residential units, including a mix of one-, two-, and three-bedroom apartments, as well as several three-bedroom townhomes.
## The Scale of the Investment and Development Spanning 2.7 acres, the development is backed by a significant $54 million equity investment arranged by Northmarq. This capital commitment underscores the project's scale and the high demand for modern multi-family housing in the Plano submarket. The residential mix is intentionally diverse, offering units ranging from 682 to 2,843 square feet. With an average unit size of approximately 3,300 square feet, the project leans toward a higher-end footprint than many standard multi-family developments, catering to residents who prioritize space and premium finishes.
By including three-bedroom townhomes alongside high-rise apartments, StreetLights Residential is positioning this asset to capture a broad demographic. The layout serves both urban professionals seeking a high-rise lifestyle and families who require more square footage but want to remain within a walkable, high-density environment. This dual approach ensures the project remains resilient by appealing to multiple household types simultaneously.
## Strategic Infill and the Future of Plano The real story here is the continued appetite for high-density residential projects in established submarkets like Plano. While many developers are still looking at outward expansion, the decision to build a 22-story tower on a former retail headquarters campus signals a strategic move toward infill development and the repurposing of large commercial footprints. This approach allows for significant scale while leveraging existing infrastructure and established visibility.
For those tracking the DFW market, this project is a clear indicator of a trend toward more dense, multi-family residential hubs in suburban corridors. It reflects a competitive move by StreetLights Residential to secure a foothold in a high-demand area by utilizing a large-scale site that might otherwise be underutilized. The $54 million equity investment from Northmarq underscores the confidence in the long-term viability of high-density living in this specific corridor. It is worth watching whether this project serves as a catalyst for similar large-scale conversions of retail properties in surrounding areas, as it sets a precedent for how these large footprints can be profitably transitioned into residential use.
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