Construction around the Plano Event Center continues as the city considers putting land sales out to bid.
At the city council meeting on September 16, Special Projects Director Peter Braster presented suggestions for hotel, retail, and residential spaces near the Plano Event Center at 2000 E. Spring Creek Parkway, as part of the city’s Envision Oak Point initiative.
According to Braster, Plano hopes to secure a premium 300- to 375-key hotel chain, such as Hilton or Marriott, with up to 12,000 square feet of event space, 5,000 square feet of ground-floor restaurant space, 5,000 square feet of rooftop event space, and up to 825 parking spaces for both the Plano Event Center and the proposed hotel.
Braster also offered up to 5,000 square feet with three to four local restaurants, as well as up to 12,000 square feet for event space.
He also emphasized the significance of green space in programming community events in the Oak Point region, describing the planned community events for the proposed green space as modest gatherings aimed to attract people to the restaurant cluster.
Regarding restaurant standards, Braster stated that the city has not considered incentives or requirements to ensure that restaurants remain unique to the Plano area, but the type of restaurant — fast food, quick service, or full service — will be considered during the selection process.
According to Braster, the green area will be private open space for the retail development, but it will be accessible to the general public.
A 14.1-acre parcel to the west of the event center is intended for 238 townhouse sites. The townhouse land was appraised at $3.4 million and will be sold in stages to replace the event center parking.
The townhouse lots would be developed in two phases, with the northern phase selling and developing based on market demand, according to Braster.
Braster asked the council if the city may accept bids for the retail, hotel, and residential tracts. Council Member Maria Tu inquired about the benefits and drawbacks of selling the land versus providing a ground lease.
While the city has long-term authority over the land, he told Tu that a ground lease would require significant incentives and that the city would build the hotel for an operator.
The council recommended sending bid requests for all three tracts.
Following the presentation, Braster told the Plano Star Courier that once a proposal is accepted, the city expects hotel development to take between 18 and 24 months.
He noted that parking would be handled using designated spaces for each use, with the hotel garage providing additional capacity for the Plano Event Center to serve hotel guests, event center attendees, and restaurant patrons.
