The 16-acre site of Southern Methodist University Plano will soon be redeveloped and converted into an office and technology center called Elevar. This space will host groups or businesses looking for a unique collaboration space.
The former SMU Plano building at 5228 Tennyson Parkway in Legacy Business Park is set to become a 204,000-square-foot creative office and technology center. Dallas Morning News.
Elevar is available to businesses or groups for use in a 50,000-square-foot building or 20,000-square-foot floors. The site will be home to a new and unique way of working, with training and conference spaces that can accommodate more than 40 people, a bistro with takeaway options, a fitness center, fiber optic internet connectivity and electric vehicle charging stations.
Outside of the space, there will be over an acre of public and private patios or terraces for work and play. The idea is to have many spaces that will be ideas for collaboration and team building.
SMU previously sold the complex in 2018 and moved all Plano-based programs back to the main campus in University Park. The campus was originally used by Electronic Data Systems before being redeveloped for SMU’s graduate video game development program, the Family Counseling Center, and the Center for Dispute Resolution and Conflict Management.
Clint Madison of real estate services firm Cushman and Wakefield said Dallas Morning News that Elevar will be the first of its kind in the Plano office submarket.
“This concept is completely new to the North Texas office market and will satisfy the demand of companies looking for a unique, creative environment with best-in-class amenities,” said Madison.
Alvarez and Marsal Capital Real Estate are working on the project. The new development should be completed sometime between July and September of this year.