In Texas, the Plano City Council approved a development agreement that supports a planned project that would bring over 3 million square feet of life sciences space to the area.
A public-private partnership designed to establish Plano, Texas, as a major life sciences hub for a variety of companies, from early-stage research to commercial manufacturing, has taken a key step forward. The Plano City Council has approved a development agreement to support the planned Texas Research Quarter redevelopment project, which would feature over 3 million square feet of life sciences space, including R&D and manufacturing facilities.
According to Dallas-based investment firm NexPoint’s announcement, the agreement provides reimbursement to incentivize investment and development within a newly created tax increment reinvestment zone that includes Texas Research Quarter properties. The agreement will support redevelopment of and new construction at the former Electronic Data Systems headquarters in Plano, a 91-acre site that would serve as the quarter’s main campus.
D Magazine reported that the tax increment reinvestment zone would provide $15 million in relief for the project as long as NexPoint invests $136 million in the first phase of development.
In its announcement, NexPoint stated it’s pursuing related agreements with other local taxing entities. With participation from such groups, it noted, it could complete a broader public-private partnership in the fourth quarter and start the first phase of construction shortly after.
“The City Council approval is just the first step in a comprehensive plan to develop the Texas Research Quarter into a world-class hub for life science,” said Eric Danielson, managing director and head of real estate development at NexPoint, in the announcement. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, attract and grow top-tier talent, support groundbreaking research, and accelerate the production and delivery of important treatments to patients in Texas and beyond.”
Texas has more than 5,200 biotech- and life sciences-related manufacturing and R&D firms, according to the Texas Economic Development Corporation. The Lone Star Bio region is known as an oncology innovation center.
