J.C. Penney Co.’s plan to develop land around its Texas headquarters could generate $200 million, according to an analysis of property records and a project estimate.
The retailer said Feb. 6 that it hired three firms to develop 240 acres (97 hectares) in Plano acquired in 1987 upon moving its headquarters from New York. The land has been appraised at about $90 million, according to public records. The value could at least double once the property has been developed for commercial use, said Fehmi Karahan, chief executive officer of Karahan Cos., one of the firms.
