History
Originally called El Ranchito de Las Colinas ("the Little Ranch of the Hills"), Las Colinas was developed in 1972 by cattle ranching millionaire Ben H. Carpenter. It was one of the first planned communities in the United States and was once the largest mixed-use development in the South, with a land area of more than 12,000 acres (49 km2). Urban planners were consulted to lay out the entire town, an undertaking that predated later projects in Plano, Allen and other suburbs.
During the 1980s building boom, Las Colinas became a popular location for relocating companies and office developers, attracting many corporations—including the global headquarters of four Fortune 500 companies and offices of more than 30 others, such as Exxon Mobil Corporation, GTE Telephone (now Verizon), Kimberly-Clark and Associates Corp. In 1985, the first sign of financial trouble appeared at Las Colinas due to a real estate market crash.
However, another 6,500,000 square feet (604,000 m2) of office space was built in the late 1990s boom. Residential real estate prices also rose steadily.
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