Southern Methodist University’s 16-acre Plano site will soon be redeveloped and converted into an office and tech hub called Elevar. The space will house groups or businesses looking for a unique and collaborative space.
The former SMU Plano site at 5228 Tennyson Parkway in the Legacy Business park is set to become a 204,000-square-foot creative office and tech center, according to The Dallas Morning News.
Elevar is available for businesses or groups to use a 50,000-square-foot building or 20,000-square-foot floors. The site will be home to a new and unique way to work with training and conference room space that seats over 40, a bistro with grab-and-go food options, a fitness center, fiber optic internet connectivity and electric vehicle charging stations.
Outside of the space will have over an acre of public and private patios or terraces for work and play. The idea is to have plenty of spaces that will be ideas for collaborations 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 it was redeveloped for SMU’s graduate video game development program, the Center for Family Counseling and the Center for Dispute Resolution and Conflict Management.
Clint Madison of real estate services firm Cushman and Wakefield told The Dallas Morning News that Elevar will be the first of its kind in Plano’s office submarket.
“This concept is completely new to the North Texas office market and will meet the demand for companies looking for a unique, creative setting with best-in-class amenities,” Madison said.
Alvarez and Marsal Capital Real Estate are working on the project. The new development is set to be completed sometime between July and September of this year.