Dallas Stars plan $1 billion arena, entertainment district in Plano

The Dallas Stars put Plano at the center of North Texas sports real estate on June 2, signing a non-binding letter of intent for a potential new arena and entertainment district at The Shops at Willow Bend. The project, estimated at about $1 billion, would turn one of Collin County’s biggest redevelopment sites into a year-round destination built around hockey, dining, retail and event traffic.

Plano City Council was set to consider the letter of intent on June 8, a step that could move the concept closer to reality but would not lock in a final deal. The Stars’ parent company, Dallas Sports & Entertainment, has already signed the document on the team’s side, while Plano officials have signaled interest without fully committing to the buildout.

Team owner, governor and chairman Tom Gaglardi called the proposal a “once-in-a-lifetime” opportunity for the franchise. For Plano, the stakes are broader than sports: if the arena and surrounding district are built, the project could reshape land values around Willow Bend, pull more visitors into west Plano and accelerate the redevelopment of a property that has been searching for a new identity for years.

That search was already underway. The Shops at Willow Bend, a 1.4 million-square-foot regional mall on 94 acres, was once described as the last traditional enclosed mall built in Texas. Centennial and Waterfall Asset Management bought the property in 2022, and Plano City Council approved revised redevelopment plans on Feb. 24, 2025. Those plans called for demolishing about 500,000 square feet of enclosed mall space, starting with the northern section, to make room for retail, restaurants, housing, office space and a hotel. Centennial has said demolition of part of the mall is expected to begin within a year, even without the Stars.

The Stars’ proposal arrives as Willow Bend loses more of its old anchors. Dillard’s, Macy’s and the Crayola Experience have already left, Neiman Marcus is expected to close in 2027, and other tenants, including North Texas Performing Arts Center, have announced departures. For Plano, that means the arena discussion is not just about adding a team venue. It is about deciding how fast the city wants to replace a fading mall with a new commercial core.

The move also lands in the middle of a separate fight over the American Airlines Center, where the Stars and Mavericks have shared the building since 2001. Dallas Business Court Judge Bill Whitehill ruled in May in favor of the Mavericks in the control dispute, and the Stars appealed. Both teams’ leases at the arena run through 2031, leaving the final shape of the region’s sports map unsettled even as Plano is suddenly in the spotlight.