Plano, Texas — The Dallas Stars are planning to open a new hockey arena and mixed-use entertainment district at The Shops at Willow Bend in Plano. The team announced on June 2 that it had signed a nonbinding letter of intent (LOI), inclusive of design and construction plans for the arena and surrounding district, which could include sports-themed retail, restaurant and entertainment uses, as well as public gathering and event spaces.
The announcement comes roughly 24 hours after the NBA’s Dallas Mavericks similarly unveiled plans to move on from American Airlines Center, the downtown venue that is currently the home of both franchises, via an agreement to purchase 100-plus acres at the site of the former Valley View Mall on the city’s north side. Both teams’ leases at American Airlines Center expire in 2031.
According to Sports Business Journal (SBJ), total development costs for the Stars’ arena and sports entertainment district are pegged at approximately $1 billion, with the City of Plano expected to contribute about 70 percent ($700 million) toward financing of the project. As reported by the Plano Star Courier, the City would then own both the arena and the site and enter into a 30-year lease with the team’s parent company.
The Shops at Willow Bend, a 1.4 million-square-foot shopping, dining and entertainment destination, is currently being redeveloped. The project is being led by Dallas-based owner-operator Centennial Real Estate.
Centennial acquired the property, which was originally developed by Taubman Centers in 2001, several years ago in partnership with Cawley Partners. Ownership released updates on the redevelopment last spring.