Leases for both the Mavericks and Stars will expire at American Airlines Arena in 2031.
The Dallas Stars announced “a major step towards a potential new arena in Plano” as part of a proposed sports and entertainment district at The Shops at Willow Bend at Park Boulevard and the Dallas North Tollway. The team’s parent company, Dallas Sports & Entertainment LP, has signed a non-binding letter of intent and submitted it to the city of Plano.
A vote to bring the Stars to Plano has been scheduled by the Plano City Council for its June 8 meeting. According to the Plano Star Courier, the letter of intent calls for the city to contribute up to $700 million toward the arena via bonds backed by a 30-year Tax Increment Reinvestment Zone, with the proviso that total development costs equal or exceed $1 billion. Dallas Sports & Entertainment would get the bill for all costs above $700 million.
Arena would anchor a retail and dining entertainment district
The proposed mixed-use arena development—which is being advanced jointly with Levin Holdings & Cawley Partners and Centennial—could include “sports, entertainment, retail, dining, and public gathering spaces anchored by a future Dallas Stars arena,” the Stars organization said. The district is envisioned as a year-round destination for the Plano community “while strengthening the team’s connection to its North Texas fan base.”
Dallas Stars Owner, Governor and Chairman Tom Gaglardi called the project “a once-in-a-lifetime opportunity for our franchise.”
“We eagerly await the vote by the Plano City Council and look forward to continuing the conversation to be part of the redevelopment of The Shops at Willow Bend,” he added in a statement.
Mayor John Muns said Plano “has built a reputation as a city that welcomes world-class partners and community-focused investment.”
“The Dallas Stars are an iconic North Texas organization, and we’re encouraged by their interest as conversations move forward,” the mayor added.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source dallasinnovates.com ’
