What you need to know
A Letter of Intent with NuCiti Capital Partners, a real estate development firm, was sent to the city for the purchase of 22 acres on the corner of SH 26 and John McCain Road.
The intent is for NuCiti Capital Partners to purchase the land for $9.85 million in order to build a 120-room luxury resort-style hotel.
The initial concept plan, which could change over time, includes two resort-style pools, a conference center and a retail village with restaurants, Assistant City Manager Mark Wood said. The concept plan also has 26 casitas, which are small, detached living spaces that guests can rent.
“They kept a lot of the tree scape and a lot of the landscaping that makes this property beautiful, " Wood said. “One of the reasons why we feel really comfortable with NuCiti is that they're looking to incorporate that into the development.”
The developer also showed interest in purchasing 15 additional acres of the property to add another 120 hotel rooms at a later time, Wood said.
The Letter of Intent includes an 18-month feasibility period for the developer to acquire funding for the property, secure entitlements from City Council and work with the hotel partner to bring the package to the council for approval, Wood said.
The city purchased the 15 acres at the front of the property in 2019 for $4.4 million and then the 22 acres in 2020 for $4.1 million, Wood added.
What they’re saying
“We've been very selective,” Mayor Bobby Lindamood said. “It may have cost us some deals, but we want what's right for this property to come in. Saving the trees like we're going to do, the ideas and the quality of what is fixing to go in here; this [developer] is talking about a five-star hotel.”
“I’m so excited that [city officials] have worked so hard for this,” Council Member Ben Graves said. “It could be a beautiful entrance, open space, a little bit of everything. [It could] drive some economic business our way. It’s the perfect fit.”
“We all hear people always saying that they’re looking for places in Colleyville, fun places, to eat and do things,” council member Kimberly Holt Gunderson said. “And that’s exactly what this is. They don’t want to have to go to Southlake or Grapevine or other places all the time so, to me, this is the best of both worlds.”
Looking ahead
City officials will immediately work on a purchase-sell agreement with NuCiti Capitals to bring back to City Council for approval, Wood said.
If that is approved, the clock will start for the 540-day feasibility study, which will set in motion a lot of activity that will ultimately bring this project to fruition within the next year and a half, Wood said.
