The nation’s fastest-growing chicken joint just made a monumental commercial real estate play with the help of $6.2 million in economic development incentives from the city of Plano.
Raising Cane’s purchased Ross Perot’s former Electronic Data Systems campus, Bisnow reported. Its purchase of the 400,000-square-foot property, at 5320 Legacy Drive in Legacy Business Park, is part of the company’s ambitious strategy to reach $10 billion in sales and 1,600 locations by 2030.
The Plano City Council recently approved the 15-year incentive package, which will pay for Raising Cane’s relocation from its 120,000-square-foot lease at 6000 Bishop Road in Plano. It will also support building improvements and hiring.
Raising Cane’s must create up to 1,020 full-time equivalent jobs and invest $20 million in campus renovations as part of the deal.
The company operates over 800 restaurants across 40 states, and it first started leasing space in the Legacy Business Park back in 2009, when it had 24,000 square feet. Its dedication to in-person work contrasts with the broader trend of companies reducing their office space in light of remote work.
This isn’t the first time Raising Cane’s founder Todd Graves has made a splash in the real estate world recently. He purchased luxury condos in Dallas and Nashville earlier this year.
In January, he bought a penthouse in the under-construction Knox Hotel and Residences, which is being developed by a venture of Michael Dell’s MSD Partners and Dallas-based Trammell Crow Company. The price wasn’t disclosed, but a penthouse had been listed for $25 million. That price would put the purchase among the top home sales in Dallas/Fort Worth, as sales in the eight-figure ultra-luxury range are still rare here, although their numbers are increasing.
Then in June, he was poised to smash Nashville’s record for priciest-condo sale when he put a $15 million home under contract in the Four Seasons Hotel & Residences, at 100 Demonbreun Street.
— Andrew Terrell
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