The property would be located at the northeast corner of Wilmeth Road and Community Drive. About 10 acres of land at this site was already zoned for multifamily uses, however, at the June 15 McKinney City Council meeting, the applicant requested that about two more acres on the east side of the site be brought in as part of the development, for a total of about 12 acres.
The applicant also asked for an increase to the standard building height allowed in this area, from two stories to three. City staff said more modern apartments are typically three stories instead of two and offered a favorable recommendation to the requests.
On behalf of the applicant, Bob Roeder said his client is intending to obtain tax credits, saving the project money which will, in turn, be passed on through reduced rents.
“[Rents] are pegged to the average median income for this statistical metropolitan district or area,” Roeder said. “A complex of this caliber, and this is a Class A project, a one-bedroom would rent for $1,200 or $1,300, but these will be renting for $900.”
The apartments would be open to those who qualify based on their income. The owner of the project would not be able to sell the complex for at least 15 years with the tax credit program, Roeder said, and the project would be regularly inspected by the state.
The project would have a maximum of 240 units with a density of less than 20 units per acre. One-, two- and three-bedroom units would be available, with prices ranging from $914 to $1,257 per month, Roeder said.
Council spent some time deliberating the project. Some council members were nervous about how the project would deteriorate over time. Others, such as Mayor George Fuller, pointed out the land was already zoned for multifamily use, and council could now guarantee a quality development that requires government oversight would be developed there instead of a lesser project.
The applicant’s requests were ultimately approved by Council 5-2, with council members Charlie Philips and Frederick Frazier voting against.