In an effort to breathe new life into its retail spaces, the city of Plano is exploring the possibility of utilizing grant funding for revitalization purposes.
According to Plano Star Courier, during a recent Plano city council meeting, Director of Special Projects Peter Braster presented a range of potential grant opportunities that are aimed at providing a boost for local commercial property values.
Among the types of grant categories that were proposed by Braster included location, lease buy downs, facade improvements, landscaping, lighting, demolition, signage, paving and neighborhood pedestrian connections. During the meeting, Braster cited past successful retail revitalization projects that have taken place in Plano, such as Assembly Park and Collin Creek Mall, to name a few.
“The highest compliment we can receive is if residents think this is a completely new shopping center,” said Braster.
According to Community Impact, the grant categories to be included in a future program proposed by Braster include:
- Location, which is typically paid to a retail center tenant
- Lease buy down
- Facade improvement
- Demolition
- Landscaping
- Lighting
- Signage
- Paving
- Neighborhood pedestrian connections
In attendance was Plano City Manager Mark Israelson, who said that the grants “should be considered as tools in the toolbox as the city focuses on revitalization."
“We think it’s important with the aging infrastructure and the retail conditions we have on some of our four-corner retail to recognize that, but for the participation of the city, we might not be able to change the trajectory of some of these that are seeing increased vacancies and deterioration of the condition,” said Israelson.
Following feedback from the council, city staff will look to develop a pilot grant program for Plano’s numerous retail centers. Once created, Braster says that he and his staff will seek out input on which areas should be used as trial locations.
