Plano's failing Collin Creek Mall has a new owner who says he's ready to push ahead with redevelopment of the high-profile property.

Developer Mehrdad Moayedi, who restored downtown Dallas' landmark Statler Hotel, just completed the purchase of the 37-year-old shopping center off U.S. Highway 75. He's been working to close the deal since this summer.

He plans to turn the old shopping center into a $1 billion mixed-use project.

"We hopefully will file our zoning case with the city in January," Moayedi said. "We are very excited about the project."

Moayedi's Centurion American Development Group would tear down sections of the 1.1 million square foot mall and repurpose other parts. He said about 400,000 square feet of retail will remain on the site, which is west of Plano's revitalized downtown.

"There will be a lot of boutique retail — people not impacted by the Amazon effect," he said. "There will be 15 to 20 restaurants."

The developer wants to build for-sale townhouses and condominiums on part of the mall site.

"We have about 1 million square feet of office space planned that we hope will attract a corporate campus," Moayedi said.

Centurion American's purchase includes Collin Creek's Sears, former Macy's and Dillard's stores plus the mall that links the department stores. "We are working on a deal with J.C. Penney to move them to a new location on the property," he said.

No one entity owns Collin Creek Mall. Department stores own their buildings. Outside, the ring around the mall parking lot has multiple owners of buildings housing more stores and restaurants.

Collin Creek is owned by banks after two big shopping center developers abandoned it and let it go back to the lender in 2015.

The developer said he's worked with Plano officials on how to repurpose the prime property.

"The city staff, city manager and mayor have been instrumental in helping us," he said. "They understand. Unless it got in the hands of one owner, there was no hope to get it redeveloped. We are going to make an attempt to tie this in with downtown Plano."

Plano's historic downtown has redeveloped with new housing and retail space supported in part by DART's commuter rail line.

Built in 1981, Collin Creek Mall lost business in the last decade to newer shopping centers and saw anchor tenants depart. Over the years, several redevelopment proposals were floated that called for tearing down all or part of the mall.

Centurion American financed the Collin Creek Mall purchase with funding from Trez Capital, represented by John Hutchinson. Canada-based Trez is one of the largest non-bank commercial real estate lenders in North America, with over $2 billion in assets under management.

Moayedi has a track record of doing big North Texas real estate deals.

His firm spent $250 million to buy and convert the vacant Statler Hilton into a combination of apartments, retail space and hotel rooms. And he's renovating the landmark Cabana Hotel near downtown.

Centurion American Development is also a major builder of suburban residential communities.