It’s official. Long-rumored plans to develop land owned by JCPenney around its headquarters in Legacy Business Park will soon be under way. The retailer has selected ‘Team Legacy,’ a venture of the Karahan Cos., KDC, and Columbus Realty to create a mixed-use development on the 240 acres it owns.
The land sits at the southwest corner of the Dallas North Tollway and State Highway 121. JCPenney says Legacy West will be a “natural extension” of Legacy Town Center, a development on the east side of the tollway that Fehmi Karahan and Marilyn Kasko, former director of asset management for EDS, helped pioneer.
“We have seen a great deal of business and residential growth around the home office over the last 25 years, and now is the time to capitalize on this attractive asset,” said Katheryn Burchett, senior vice president of real estate and property development at JCPenney, in a statement. “Karahan, Columbus, and KDC are trusted partners with a respected reputation, and we believe they will develop the land adjacent to our home office thoughtfully.”
The retailer first bought the land in 1987, before relocating from New York City to Texas. Its 1.9-million-square-foot headquarters opened in 1992. JCPenney was one of the first big companies to move to Legacy, now one of the most successful developments of its kind in the country.
