Plano offers grant money to improve aging shopping centers

Plano is rolling out a new economic development grant program aimed at spurring improvements in aging shopping centers throughout the city.

The retail revitalization initiative seeks to enhance property values while modernizing decades-old shopping strips. An example of the program’s success is evident at Green Vine Market, which breathed new life into a former Safeway grocery store within a downtown Plano shopping center on K. Avenue.

According to Peter Braster, Plano’s Director of Special Services, Green Vine Market received funding from the city to upgrade its exterior facade, resulting in a vibrant and inviting atmosphere for shoppers.

However, Braster and Green Vine Market co-owner Zaid Hammad both agree that other areas within the shopping center could benefit from similar enhancements.

To address this, Plano recently approved a cash grant program aimed at facilitating more transformations citywide.

“We’re in an aging community, and as we move from East to West, Plano started on the Eastside. We have some aged places,” explained Braster. “Some places are just fine, others need help, and this program is going to do just that.”

Plano’s retail revitalization program offers eligible shopping center owners reimbursement of approximately 10% for property improvements such as fresh paint jobs, landscaping upgrades, or new signage. Owners undergo an application process, with the city council determining the amount of reimbursement upon completion of the improvements.

Reimbursements are issued promptly after project completion, without the need for increased sales tax revenue, which can delay funding in other cities.

While some, like Michael Zimmermann of Green Earth Realty, express skepticism about the program’s effectiveness, Plano officials emphasize its simplicity and effectiveness in encouraging improvements.

“We try to keep it at 10% of overall spending. That’s just a really comfortable number for us and we find that that’s enough to push people to do an even better job,” said Braster. “I think if they understood how simple the program is everybody would want to do it. I think other places make things more complicated so they’re wary of getting involved with local government but here in Plano, we’re The City of Excellence so we do things better.”