Stillwater Capital advances a $750 million mixed-use project on a key Plano site.
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A local developer plans to make big strides this year on a $750 million mixed-use project on what has been called the largest undeveloped site remaining in Plano.
Stillwater Capital Investments LLC expects to complete infrastructure work on Haggard Farms by late February, with development of the first phase of commercial amenities beginning in early summer, Managing Director Clay Roby said.
The first phase will include 100,000 square feet of retail, a hike and bike trail, a 3-acre park and 350 multifamily units. Construction on the retail amenities is expected to last 14 months, at which point pre-leasing on residential units is also expected to begin. In total, phase one buildout will last about two years.
“We will be starting additional phases while [phase one is] still under construction,” Roby said.
Roby did not provide additional timeline details but at full buildout the project is expected feature about 200,000 square feet of retail, 700 multifamily units, 100 townhomes, 650,000 square feet of office space, a boutique hotel and 10 acres of green space.
The 142-acre project is at the southeast corner of Parkwood Boulevard and Spring Creek Parkway. The Haggard family, which has owned the property along the Dallas North Tollway since the mid-1800s, received city approval in 2021 to develop the land. It is currently the largest remaining development site in Plano, a city home to major corporate and mixed-use hubs.
Stillwater first broke ground on the site in 2023.
The retail development is a joint venture between Stillwater and The Retail Connection LP. The Almanac, an 8,000-square-foot farm-to-table restaurant developed in partnership with Woodhouse, and Haggard Hall, a 16,000-square-foot event space for weddings and corporate events, will anchor this portion of the project. Additional retail tenants are expected to be announced this spring.
“It was important to [the Haggard family], and it’s very important to us, that we combine the legacy and heritage of the site with the development plan,” Roby said. “The Almanac and Haggard Hall will be the anchor for what I’ll call the legacy experience of the site, [it will] give you some history about what the site used to be.”
The first 100,000 square feet of retail is in pre-leasing. Stillwater is looking to attract vendors who produce the products they sell. Around 40% of the retail space is dedicated to food and beverage.
While retail and residential will be the focus of the first phase, office space will follow, offering build-to-suit opportunities for corporate tenants. Roby said there is space for a potential corporate relocation but did not disclose any specific targets. He believes the project’s combination of retail, dining and green space will create an attractive office environment for those seeking an “active” community for their employees.
Stillwater originally planned to begin construction on a three-story office building in 2023 but chose to delay until market conditions improved, Roby said. Construction is now expected to begin by the end of this year.
“If you want to encourage your employees back to the office, you need to provide an office experience that resonates with your employee base,” Roby said.
The Haggard Farms project will transform a site that has been undeveloped for more than a century, one that could attract even more people and businesses to the largest city in Collin County. Plano is currently home to more than 290,000 residents, according to U.S. Census Bureau estimates. The median home price in the city is $511,087, according to Zillow.
Stillwater Capital is a real estate firm founded in 2010. The company, which currently has its Dallas headquarters at 2515 McKinney Ave., lists 23 active projects on its website, including the Reserve, a 200-acre mixed-use project in Mansfield. Stillwater is also involved in The Link, a mixed-use project next to the PGA of America headquarters in Frisco’s Fields development.
