Earlier this month we told you about Mustang Square, the proposed Plano, TX development that would spread residential, office, commercial, and senior living properties across a 38.7-acre site off State Highway 121. According to some estimates, the project could end up having a near-$2 billion economic impact on the region.
Turns out, it will have no such impact as the Plano City Council voted 5-2 to deny a zoning change for the project following a colorful council meeting featuring almost 60 speakers. Without the rezone, JPI Developments and Thakker Developers are unable to build the residential portion of the project, which they deem essential.
According to Christina Day, Plano’s Director of Planning and Zoning, the city received over a thousand responses to the project, slightly tipped towards those against it. Those opposed argued that the increase in multifamily housing would affect traffic, decrease overall home values and cause local schools to overcrowd. Supporters felt that growth and development was inevitable and they appreciated the way it combined generational living possibilities.
Expect the developers to go back to the drawing board and submit new plans at some point. There’s too much money on the table for them not to. It’s either that or sell the property to someone else who’ll try again.