Centurion American Development Group closed the acquisition of the Collin Creek Mall in Plano, Texas, where it intends to develop a $1 billion mixed-use project, The Dallas Morning News reported, citing Mehrdad Moayedi, the developer's founder, CEO and president.

Centurion was noted to be under contract to purchase the 37-year-old shopping center from its various owners in August.

Plans include partially demolishing and repurposing the 1.1 million-square-foot property. The company aims to build for-sale townhouses and condominiums on part the site and keep about 400,000 square feet of retail space. Moayedi expects to file a zoning case with Plano in January, according to the publication.

Centurion American obtained funding from Trez Capital to finance the purchase that includes Collin Creek's Sears and former Macy's and Dillard's stores as well as the mall that connects the department stores.

According to an Aug. 8 report by the Dallas Business Journal, Centurion planned to offer two office buildings of between 300,000 to 500,000 square feet each, a 300-room hotel, hundreds of townhomes and condominiums, a music venue, a conference center and 15 to 20 restaurants at the mall site.