Alvarez & Marsal Capital Real Estate purchased SMU’s Plano satellite campus in 2021 to redesign the four-building site into a flexible office campus for various users, including creative, life sciences, technology and education tenants.

Construction began in 2023 and is expected to be completed by April.

Now called “Elevar,” the 16-acre site will include a bistro lounge with grab-and-go food service, a fitness and conference center, a dog park, a jogging trail, a food truck court, a putting green, fire pits, a sports court and 50,000 square feet of outdoor plaza space.

The Dallas Business Journal reports the company plans to invest $20.5 million in the renovation. The firm is eligible for a $1.9 million grant through a City of Plano modernization program.

Alvarez & Marsal has about 7,000 employees in 66 offices worldwide.