During May of 2017, Toyota North America – a subsidiary of Toyota Motor Corp. – welcomed its first 250 employees to its new corporate headquarters in Legacy West, at Plano. That same number of personnel will arrive each week until the end of the year at, which time, the influx total will reach 65,000! Other big companies will bring in additional thousands of employees over the next two years. Because of that, the city of Plano promises infrastructure-improvement projects and enhanced traffic-management programs to meet the increased demands.
Toyota North America relocated its headquarters from Torrance, California; and the company’s skilled personnel bring, with them, expertise in areas ranging from engineering, to sales and marketing, to finance, and information systems. As relocated employees arrive, they will take in a sprawling 100 acres of landscape that cater to Toyota’s 2.1 million-square-foot layout. One point of interest includes on-site solar panels that are projected to produce 7.75 megawatts of electricity; and Texas’ energy-generating wind farms will provide the remainder of Toyota’s electricity requirements.
Plano – In the Thick of It
Toyota North America is only one of a number of mega companies that are calling North Texas their new home; and that translates into this part of the Lone Star State being in the enviable position of experiencing a massive amount of real-estate absorption. Toyota North America’s relocation to Legacy West has caused many to stand up and take notice. Case in point: Plano’s Economic Development department states that Toyota is expected to produce approximately $7.2 billion in economic output over the next ten years. A large part of this multi-billion-dollar total reflects sales as well as the company’s estimated ripple effect on the broader Plano economy.
By aggressively attracting new businesses in the area, Plano continues to dramatically stimulate and enhance its level of prosperity. Meet Chris Taylor – an executive managing director for Cushman & Wakefield’s Dallas office which tracks absorption once tenants take occupancy of respective real-estate space. Taylor states: “Last year we had normalized absorption of 2 million to 3 million square feet; but this year, we’ll have a big jump, in large part, due to Toyota. We are still the preferred state when you talk to your capital partners. We seem to hear of a new tenant kicking the tires each month; and those migrations are still going on. If Houston is the oil and gas industry, we are the in-migration industry.”
Highly-Coordinated Team-Effort Made It All Happen
Construction for Toyota’s campus began in January of 2015; and several Dallas-based business entities deserve the lion’s share of the credit and recognition for their respective roles which generated the on-going success of this endeavor: KDC – developer, Corgan – project architect, Austin Commercial – general contractor, and JLL – the real-estate brokerage firm that worked with Toyota on its real estate search. People worked above-and-beyond and went that extra mile to ensure Toyota’s campus site would come to fruition, seamlessly, and on-schedule.
Mayor LaRosiliere calls Plano’s Legacy West the “Center of the Universe” since he views this 240-acre park as a high-energy locale filled to the brim with continual, dynamic development. Mayor LaRosiliere points out that along with Toyota, one will find the US headquarters of JCPenny, and Frito Lay as well as regional headquarters of FedEx Office. Then there are JP Morgan, Chase Liberty Mutual, Pizza Hut, Boeing and other companies who have chosen Plano, as home. LaRosiliere proudly points out that more than 35,000 people will be working for iconic global companies, in Plano – designated as one of the top-ten safest cities in America.