​Foreclosure on Former JCPenney Headquarters Property

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Beal Bank has flied to foreclose on the JC Penny Headquarters property in West Plano. The bank provided $388 million to Sam Ware for the property around 1,100 days ago.
Sam Ware has big plans for the property. He wants to build more office buildings, a hotel, food truck park, retail, and apartments. One thing this mixed use development does NOT have: a grocery store. So, everyone who will live in this development will have to get in their car and drive down Communications to Kroger.
The city council has already denied this project in 2019. However, Sam Ware will not give up. He brought a revised version of the project back to Planning and Zoning at the beginning of February and it passed. It will be brought to city council tonight, February 24, 2020.
 Sam Ware managed to get a court to halt the bank from seizing the property temperately, but in the meantime, he’s dug up the trees to sell. I am not sure how this project will get off the ground, when the developer can’t even pay the mortgage on the property and has to sell the landscaping.
In my opinion, this project is not right for the area. More importantly the financial instability of the developer makes this project too risky. This property could be tied up in court for years or seized by the bank. Those issues put development at a stand still. Until the fiances of this property are worked out, the city should not approve anything for it.
If you agree, write to the members of city council, or go to the meeting, and tell them to oppose the project.   
This is Plano’s Political Pit Bull signing off.