Developer says construction at former JCPenney campus remains on schedule amid coronavirus restrictions, foreclosure talks

PLANO, TX – Coronavirus restrictions and foreclosure talks have not slowed the construction timeline of the mixed-use development at the sprawling Plano office campus formerly owned by J.C. Penney, the project’s developer said.

Sam Ware of Dreien Opportunity Partners said April 29 that the project to build a Miyako Hotel on the grassy slopes of the office campus remains on schedule. Efforts to resize the property’s prominent pond are nearly complete, he said.

The lender for the project filed foreclosure documents in January, putting at risk nearly $389 million in financing for The Campus at Legacy West project.

But Ware said this week he was optimistic that they would be able to find new financing before the foreclosure process takes its course.

“The current lender realizes that we are very close to being able to refinance them, and we have agreed that a business solution is best versus a legal [solution] on getting repaid,” Ware said.