Texas Research Quarterly Receives City of Plano Approval of Development Agreement Supporting Life Sciences Real Estate Project

City Council approval marks key step toward a public-private partnership to establish Plano as a premier life science center

PLANO, Texas, August 27, 2024 /PRNewswire/ — Texas Research Quarter (TRQ), a life science-focused innovation district, planned for Plano, Texasannounced today that the Plano City Council has approved a development agreement to support the TRQ redevelopment project and facilitate catalytic investments in Plan AND North Texas community. The city's approval is a key step in a broader public-private partnership it would create Plan as a leading hub for life science and to bring together multiple public and private sector actors to advance innovation, improve educational opportunities, develop a skilled future workforce and drive impact long-term economic in Plan community and the surrounding area.

The development agreement provides for reimbursement to encourage investment and development within a Tax Increment Reinvestment Zone (TIRZ), which contains the Texas Research Quarter properties and other parts of the Legacy neighborhood. Targeting the first phase of a multi-phase project, the agreement supports redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the main campus of the Texas Research District. Future phases include additional redevelopment activity throughout the main campus, as well as the creation of an integrated multi-site district through development on adjacent and nearby properties.

“The City Council's approval is just the first step in a comprehensive plan to develop the Texas Research Quarter into a world-class center for life science,” said. Eric Danielsonmanaging director and head of real estate development at NexPoint. “We are committed to partnering with the community to build a dynamic ecosystem that will drive innovation, attract and grow top talent, support groundbreaking research, and accelerate the production and delivery of important treatments for patients IN TEXAS and beyond.”

The project aims to provide over three million square feet of life science facilities on the main campus, including research and development facilities and cGMP manufacturing facilities designed with flexibility to accommodate a wide range of life science companies.

Off-site undeveloped parcels are expected to house additional life science facilities, which will either be incorporated into the masterplan in subsequent phases or developed as built-up projects to meet tenant customization or site selection requirements outside the main facilities of the campus.

Ideally located inside of Plano The legacy neighborhood that grew around the original EDS campus into a global and regional corporate headquarters destination for companies in a variety of industries. TRQ's main campus is within walking distance of the Shops at Legacy, a vibrant mixed-use development offering a wide range of amenities including retail, dining, hospitality and entertainment. TRQ's campus master plans also include several acres of green space open to the public that will further integrate the property into the surrounding area.

of Plano strategic location, advanced infrastructure, business-friendly climate, high-quality education system and strong community support make it an ideal location for this type of development. By leveraging these assets, the Texas Research Quarter aims to create a dynamic environment for companies and institutions operating across the life science industry, from early-stage research to commercial manufacturing, along with academic partnerships and development and training. of the workforce.

“To City of Plano is proud to partner with NexPoint in transforming this iconic site into the next major life sciences hub in North Texas. As the life sciences industry continues to expand in the region, we are confident that the Texas Research District will emerge as a major hub, further strengthening the metroplex's reputation as the 'Third Coast' for biotech research and manufacturing,” said . Doug McDonaldDirector of Economic Development with City of Plano. “This development agreement proves of Plano engagement and readiness with economic development tools already in place to help recruit global pharmaceutical companies to it Plan and ensure the success of this project”.

NexPoint is pursuing related agreements with other local tax entities, seeking to create a public-private partnership that reflects unified support from multiple public sector stakeholders. This expanded public-private partnership would unlock TIRZ's full potential and provide the funding needed to deliver world-class life science facilities and recruit major companies to Planbringing great employment opportunities and investment to the community to drive long-term economic growth.

With the participation of other tax entities, the broader public-private partnership could end in the fourth quarter. The first phase of construction is expected to begin upon its completion.

About the Texas Research Quarter

Texas Research Quarter (TRQ) is a life science real estate development anchored around the former Electronic Data Systems (EDS) campus in the Legacy neighborhood of Plano, Texas. The multisite project includes over three million square feet of planned real estate dedicated to a variety of life science uses, including state-of-the-art research and development and cGMP manufacturing facilities. In addition to the 91-acre main campus, the TRQ district includes adjacent and nearby areas that will be integrated into future phases of development. Learn more at texasresearchquarter.com.

contacts

Lucy Bannon: (email protected)
Thomas Graham: (email protected)

SOURCE Texas Research Quarterly