Downtown McKinney continues to show its ability to bring cutting edge businesses to historic storefronts. The Sanchez Advisory Group is investing $10 million in a two-phase mixed-use development named Chestnut Commons.
Chestnut Commons, located at the corner of Chestnut and Virginia streets, will house a variety of technology companies, restaurants and retail space, said Joe Benton, real estate manager for the Sanchez Group.
“Downtown McKinney is already the real thing–a true mixed-use area,” he said. “Today, many cities in the area are trying to recreate what McKinney already has—a rich, vibrant downtown that exemplifies the culture and history of the area. We wanted to be a part of that historical fabric. We were confident that we could bring a context-sensitive design to the area that would blend with 150-plus years of tradition.”
Benton said the first phase of the project is scheduled to be complete spring 2016. The second phase of the project was originally not scheduled until 2017.
“However, due to the tremendous response and need in the downtown area, we have fast-tracked Phase 2 and moved up the delivery to summer of 2016,” he said. “Our group is investing nearly $10 million into this project and we are proud of the outcome and absolutely amazed at the market reaction.”
Two technology companies have signed leases and will ultimately bring nearly 100 new employees to the downtown area, Benton said. The development is currently negotiating leases for the ground floor and other available spaces and is designing areas for indoor and outdoor restaurant seating.
Both buildings will offer two penthouse suites each. However, Benton said, as of Oct. 2, one penthouse in each building has been pre-leased. The suites could be used as residential lofts, creative retail uses, or specialty luxury office suites, he said.
“One of the critical design features of this mixed-use development is in the inclusion of rooftop patios as an integral part of the project,” Benton said. “These rooftop areas will serve both the tenants as well as those who shop in the area.”
Benton said the construction is state-of-the-art but careful efforts have been made to ensure that the architecture harmonizes with the historic look and feel of downtown McKinney.
“When Chestnut Commons is complete, the development will blend in and look as though it has been here for a hundred years,” he said. “This was one of the more challenging and yet rewarding components of this project. The entire team was absolutely adamant that the final design was contextual and continued the rich history of McKinney. Every part of the design had to meet a high threshold for quality and context. The final product will be something in which we can all take pride.”
Chestnut Commons Phase 1 and Phase 2 are the first of three possible buildings, Benton said.
“Construction on the first building is underway, and will commence on the second building within the next few months,” he said. “Additionally, we are constantly monitoring other development opportunities in McKinney.”
The Sanchez Group is also developing an eight-acre project on SH 5. Phase 1 of this development is under construction and will house the company’s corporate offices.