J.C. Penney to develop vacant land by headquarters

J.C. Penney (NYSE: JCP) is giving its headquarters a makeover. The retailer is planning to develop the 240 acres of vacant land around its Plano, Texas home office.

The company did not say exactly what will be built on the land, but the area is considered a prime one for a range of real estate ventures, from offices to apartments. The Legacy corridor, which houses the J.C. Penney corporate office, is home to multiple Fortune 500 companies and also has become a shopping, dining and living destination.

"We have seen a great deal of business and residential growth around the home office over the last 25 years, and now is the time to capitalize on this attractive asset," said Katheryn Burchett, Penney's senior vice president of real estate and property development.

J.C. Penney purchased the land in 1987, shortly before relocating from New York. It completed its Plano headquarters in 1992. The development project will be managed by a venture of real-estate developers, Karahan Cos., Columbus Realty and KDC, called Team Legacy.

In January, the retailer announced plans to shutter 33 of its 1,100 stores and slash 2,000 jobs as it scrambles to revive its business. The struggling department-store chain said the move will generate annual savings of roughly $65 million beginning in 2014.

For more:
-See this J.C. Penney press release

Related stories:
J.C. Penney to close 33 stores, slash 2,000 jobs
J.C. Penney comp-store sales rise 10% in November
J.C. Penney's Q3 loss wider than expected as sales fall
J.C. Penney reports first monthly sales increase since 2011
J.C. Penney calls it quits with Martha Stewart

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