On August 26th, the Plano City Council gave approval to an economic development agreement with NexPoint for the first phase of developing a major life sciences center at the former Electronic Data Systems (EDS) campus. The council agreed to offer support of up to $15 million for the $150 million first phase of the project, which is part of a grander $4 billion plan to revamp the 91-acre site in Plano’s Legacy area.
A Fresh Start for the EDS Campus
The revitalization effort now dubbed as Texas Research Quarter (TRQ) seeks to inject vitality into what was Ross Perots EDS headquarters in west Plano. The first phase will include repurposing most of the building and constructing a pharmaceutical manufacturing facility. NexPoint Development Company, based in Dallas acquired the property in 2018. And has since been diligently working towards transforming it into a leading life sciences complex.
Tax Incentives and Public-Private Partnership
The agreement between the city and NexPoint establishes a tax increment reinvestment zone (TIRZ) for this phase with support, for future stages following suit. The TIRZ will waive 65% of property taxes on site capped at $15 million overall with reimbursements spread over the 25 years.
Eric Danielson, who serves as the managing director and head of real estate development, at NexPoint highlighted the significance of the partnership referring to it as a crucial initial step in bringing the project to fruition.
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Construction Timeline
The commencement of construction for the initial phase is projected to take place by late 2024 with the facility expected to be ready for occupants by early 2026. The comprehensive life sciences project, which received approval from Plano’s Planning and Zoning Commission in July 2023 is set to create up to 30,000 jobs upon completion. The first phase alone aims to provide paying advanced manufacturing positions that may not necessarily require traditional college qualifications.
Economic Influence and Future Prospects
The Texas Research Quarter is positioned to become a catalyst for expansion in Plano and its neighboring regions. An analysis conducted by The Perryman Group predicts that the initiative could yield to $2.9 billion in product and support around 30,124 job years of employment within Plano. Spanning, over four million feet TRQ will house research and development facilities, laboratories and manufacturing sites catering to life science enterprises.
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Plano’s Contribution to the Growth of the Life Sciences Sector in the Region
Plano is establishing itself as a player in the life sciences field in North Texas. The city aims for the Texas Research Quarter (TRQ) to attract partnerships enhance opportunities and have an economic impact. Plano’s business environment, workforce, and strong national and global connections position it well to become a center for biotechnology research and production.
Looking to the Future
NexPoint intends to entice life sciences companies from hubs like Boston, San Francisco and North Carolina to set up shop at TRQ. The initiative also plans to accommodate startups from UT Southwestern and other research institutions as they expand beyond their incubator spaces. Situated at 5400 Legacy Dr. TRQ will be conveniently close to The Shops at Legacy adding to its attractiveness.
Doug McDonald, Plano’s economic development director has expressed optimism about the projects prospects by stating that “As the life sciences sector grows in our region we believe that the Texas Research Quarter will emerge as a hub reinforcing our areas reputation as the ‘Third Coast’, for biotechnology research and production.”
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