Nearly 18 years ago Craig Ranch established a standard for developments in McKinney. Closing in on two decades later, it serves as an example for other developments such as Honeycreek, a 2,500-acre residential and mixed-use development, and Southgate, a mixed-use development at SH 121 and US 75.
As Craig Ranch gets closer to build out with the construction of a resort-style hotel and corporate center, other developments are taking note of its success.
Development in south McKinney is expected to pick up steam as plans for Southgate take steps forward.
The northwest sector of the city is also expected to undergo a major change with plans in place for Honeycreek.
Approximately 8,000 people are moving to McKinney each year, according to Mayor George Fuller. He said while Southgate will serve as a “bookend” for McKinney, Honeycreek will serve the growing residential need.
“For [the city, Honeycreek]is an opportunity to really set the tone for what the northwest sector becomes,” said Michael Quint, McKinney’s executive director of development services.
Craig Ranch, the 2,200-acre mixed-use development that spans from Custer Road to Stacy Road, has helped shape what the SH 121 corridor will eventually become.
A highlight of one of the last pieces of the development is a $110 million resort-style hotel that will be located on about 8 acres at the northeast corner of Collin McKinney and Van Tuyl parkways, said David Craig, master developer of Craig Ranch. Construction on the eight-story hotel is expected to begin sometime this year. It will feature 288 rooms, conference space and a lazy river.
In its first year of operation, the hotel is estimated to generate more than $350,000 in tax revenue for the city.
Independent Bank is building a $52 million corporate headquarters in the corporate center to house between 1,100-1,300 employees, Craig said.
Quint said he expects the corporate center to eventually be home to other corporations in the future.
Cities like Allen and Plano do not have much open land to “pump the brakes and say, ‘Hey, we can do it better,’” but McKinney has the opportunity to do that, especially in the northwest sector of the city with the Honeycreek development, Quint said.
Honeycreek, formerly named Cross F Ranch, is the next master-planned community in McKinney, said J. Martin Sanchez, CEO of The Sanchez Advisory Group and manager of Creu Capital.
Phase 1 of Honeycreek includes 1,500 single-family homes, 12 acres of parks and open space along with retail and commercial spaces, Sanchez said.
When complete, Honeycreek will be home to approximately 6,000 residential homes, 7,000 multifamily units and 4.7 million square feet of commercial, retail and office space, according to a video released by Creu Capital in 2017.
With 55 acres to develop, city officials hope Southgate will set the tone for visitors driving to McKinney from the south.
“It’s named Southgate, formerly Gateway, for a reason, because we think [the name]does send a message as you’re coming northbound,” Quint said. “If you can see some high-rise office buildings that really says, ‘OK, McKinney is no longer a bedroom community.’”
In February 2017, the city and McKinney Economic Development Corp. selected a development team led by KDC to develop the property.
Site concepts show a mixed-use development that includes office space, boutique office space over retail, multifamily residential and outdoor space, including a stage area.
“What we’re really trying to do is create an urban environment that honors your historic downtown,” said Colin Fitzgibbons, senior vice president of development at KDC.
The next step for Southgate is marketing. ART/Corinth, in partnership with KDC, will market office users heavily this year, Fitzgibbons said.
“It feels like finally the time is right and this is McKinney’s time,” he said.
This story is one update from The January Issue. View the full list of Top 8 stories to follow in 2018 here.