The Plano City Council granted development approval for the Texas Research Quarter, a $4 billion life science innovation district spanning 200 acres in Plano, Texas. Dallas-based NexPoint Development Company LP will serve as the developer, with a financial plan incorporating a tax increment financing reinvestment zone.
The Texas Research Quarter project is a life science real estate development centered around the former Electronic Data Systems (EDS) campus in Plano's Legacy neighborhood. This multi-site project plans over three million square feet of space for various life science purposes, including advanced research, development and cGMP manufacturing facilities.
During a council meeting on Aug. 26, 2024, council members unanimously approved the project, which first came to fruition in 2018, when NexPoint acquired the site. The Plano Planning and Zoning Commission unanimously approved the multi-use project in July 2023.
"The city of Plano is proud to collaborate with NexPoint in transforming this iconic site into the next major life sciences hub in North Texas,” Plano Director of Economic Development Doug McDonald said in an official statement. “As the life sciences industry continues to expand in the region, we are confident that the Texas Research Quarter will emerge as a pivotal center, further solidifying the metroplex’s reputation as the 'Third Coast' for biotechnology research and manufacturing.”
The development agreement offers reimbursement incentives to encourage investment and growth within a newly established tax increment reinvestment zone (TIRZ), which includes the Texas Research Quarter and other areas of the Legacy neighborhood.
The agreement also focuses on the first phase of a multi-phase project, supporting the redevelopment and new construction at the former 91-acre EDS headquarters, now the main campus of the Texas Research Quarter. Future phases will involve further redevelopment on the main campus and the development of an integrated multisite district through projects on adjacent and nearby properties.
"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. "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."
The project will deliver over three million square feet of life science facilities on the main campus, including flexible research, development and cGMP manufacturing spaces. Additional offsite parcels will either be included in later phases of the master plan or developed as build-to-suit projects to meet specific tenant needs.
NexPoint is working on agreements with local taxing entities to form a public-private partnership that will maximize the TIRZ's potential. This partnership aims to fund top-tier life science facilities and attract major companies to Plano, driving job creation and long-term economic growth. The partnership could be finalized in the fourth quarter, with the first phase of construction starting soon after.
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