City Council Approval Marks Key Step Toward a Public-Private Partnership to Establish Plano as a Major Hub for Life Science
PLANO, Texas, Aug. 27, 2024 /PRNewswire/ — The Texas Research Quarter (TRQ), a life science focused innovation district planned in Plano, Texas, announced today that the Plano City Council has approved a development agreement to support the TRQ redevelopment project and facilitate catalytic investment in the Plano and North Texas community. The City approval is a key step in a broader public-private partnership that would establish Plano as a major hub for life science and bring together multiple public and private sector stakeholders to advance innovation, improve educational opportunities, develop a skilled future workforce, and drive long-term economic impact in the Plano community and surrounding area.
The development agreement provides reimbursement to incentivize investment and development within a newly created tax increment reinvestment zone (TIRZ), which contains the Texas Research Quarter properties and other parts of the Legacy neighborhood. Targeting the first phase of a multiphase project, the agreement supports redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the Texas Research Quarter main campus. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multisite district through development at adjacent and nearby properties.
“The City Council approval is just the first step in a comprehensive plan to develop the Texas Research Quarter into a world-class hub for life science,” said Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, attract and grow top-tier talent, support groundbreaking research, and accelerate the production and delivery of important treatments to patients in Texas and beyond.”
The project aims to deliver over three million square feet of life science facilities on the main campus, including research and development facilities and cGMP manufacturing facilities designed with flexibility to accommodate a broad range of life science companies.
Undeveloped offsite parcels are expected to house additional life science facilities that will either be incorporated into the master plan in subsequent phases or be developed as build-to-suit projects to meet tenant customization or site selection requirements outside of the main campus facilities.
Ideally located within Plano’s Legacy neighborhood, which grew around the original EDS campus into a global destination for corporate and regional headquarters for companies across a range of industries. The TRQ main campus is within walking distance of the Shops at Legacy, a vibrant mixed-use development that provide a wide range of amenities including retail, dining, hospitality, and entertainment. TRQ’s main campus plans also include several acres of green space open to the public that will further integrate the property into the surrounding area.
Plano’s strategic location, advanced infrastructure, business friendly climate, high-quality education system, and strong community support make it an ideal location for this type of development. Leveraging these assets, the Texas Research Quarter aims to create a dynamic environment for companies and institutions operating across the life science industry, from early-stage research to commercial manufacturing, along with academic partnerships and workforce development and training.
“The City of Plano is proud to collaborate with NexPoint in transforming this iconic site into the next major life sciences hub in North Texas. As the life sciences industry continues to expand in the region, we are confident that the Texas Research Quarter will emerge as a pivotal center, further solidifying the metroplex’s reputation as the ‘Third Coast’ for biotechnology research and manufacturing,” said Doug McDonald, Director Economic Development with the City of Plano. “This development agreement demonstrates Plano’s commitment and readiness with the economic development tools already in place to help recruit global pharmaceutical companies to Plano and ensure the success of this project.”
NexPoint is pursuing related agreements with other local taxing entities, seeking to establish a public-private partnership that reflects unified support from multiple public sector stakeholders. This expanded public-private partnership would unlock the full potential of the TIRZ and provide the funding needed to deliver world-class life science facilities and recruit major companies to Plano, bringing major employment opportunities and investment to the community to drive long-term economic growth.
With participation from other taxing entities, the broader public-private partnership could be completed in the fourth quarter. The first phase of construction is expected to begin upon its completion.
About the Texas Research Quarter
The Texas Research Quarter (TRQ) is a life science real estate development anchored around the former Electronic Data Systems (EDS) campus in the Legacy neighborhood in Plano, Texas. The multisite project includes over three million square feet of planned real estate dedicated to a range of life science uses, including state-of-the-art research and development and cGMP manufacturing facilities. In addition to the 91-acre main campus, the TRQ district includes adjacent and nearby sites that will be integrated in future development phases. Learn more at texasresearchquarter.com.
Contacts
Lucy Bannon: lbannon@nexpoint.com
Thomas Graham: tgraham@crosswindpr.com
SOURCE Texas Research Quarter
