Two major Dallas sports teams are relocating, with one of them potentially setting down roots in Plano at a future $1 billion arena and entertainment district.
The Dallas Stars have been in discussions to make Plano its new home, recently announcing a Letter of Intent (LOI) for the move. While the hockey team’s relocation hasn’t yet been finalized, it represents a significant shift in Dallas’ future revenue sources and athletics industry.
The Plano City Council is set to consider the signed, non-binding LOI at its June 8 meeting. Should the deal move forward, the city would contribute roughly $700 million to build a sports and entertainment district at Willow Bend to house the Stars’ sporting events.
The move not only creates an opportunity for the Stars franchise but also opens the door for future contracting opportunities. Approval would set the gears in motion for construction, paving the way toward a mixed-use development site and arena. The destination would feature year-round access to sports, entertainment, retail, dining and public gathering spaces for the community and visitors.
The Stars’ decision to move to Plano follows in the footsteps of the Mavericks’ own plans to develop a new arena and entertainment district. The basketball team has set its sights on a 104-acre location at the former Valley View Center mall site. The Mavericks plan to offer $50.7 million to purchase the property.
Project approval would transform the former mall into a mixed-use site centered around a new arena, prompting an influx of economic opportunity and growth for the area.
Photo by Dallas Stars from Wikimedia Commons
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