(Photo credit: Jerome Miron-Imagn Images)

One day after their co-tenants, the NBA's Dallas Mavericks, announced a likely move out of downtown Dallas, the NHL's Stars appear to be following suit.

On Tuesday, the Stars announced that they have inked a letter of intent to move and build a $1 billion arena in Plano, Texas, at a location 18 miles north of downtown.

The proposed site is at The Shops of Willow Bend, which, similar to the Mavericks' potential new home 10 miles north of downtown (current Valley View Mall site in North Dallas), is slated to be a mixed-use development with an arena and entertainment district in the planning stages.

Both franchises currently compete at the American Airlines Arena in downtown Dallas and their leases expire after the 2030-31 season. Whereas the Mavericks were deciding between a move to the current City Hall location and the suburbs, the Stars were said to be considering staying put and signing a new lease.

In a statement, the Stars said that the LOI which was submitted to the city of Plano is non-binding and it will be taken up by the Plano City Council next Monday.

'This project would present a once-in-a-lifetime opportunity for our franchise,' team owner Tom Gaglardi said in a statement. 'We eagerly await the vote by the Plano City Council and look forward to continuing the conversation to be part of the redevelopment at The Shops at Willow Bend.'

If both moves come to fruition, the WNBA's Dallas Wings -- who are building an $81 million, 70,000-square-foot practice facility in the West Oak Cliff area of Dallas and plan to play in 2027 at the current home of the Stars and Mavericks -- would be the only Dallas franchise located within the city limits. The NFL's Dallas Cowboys and MLB's Texas Rangers play in Arlington, Texas, while FC Dallas of the MLS competes in Frisco, Texas.

--Field Level Media