The development will include a 2.5-acre linear park that will create walkable connectivity starting at the retail component along Weiskopf Avenue and continuing to the front of the future RPM xConstruction LLC headquarters along Meyer, according to a news release. About 16 acres of the project will be dedicated to an as-yet-unnamed financial services group, and the development will also include additional vertical office space, urban apartments and single-family residences or additional office space, depending on the demand.
It will be an area that connects to shopping and dining experiences with Hub 121 and District 121, as well as residential and office areas. The project is being developed by McKinney Joint Venture, an affiliate of Koar Institutional Advisors, a West Coast real estate firm, according to a news release.
“The possibilities for this project have grown exponentially since we first started looking at it 24 months ago,” said Laurent Opman, principal of Koar Institutional Advisors and the general partner of McKinney Joint Venture, in the news release. “McKinney Corporate Center Craig Ranch checked all the boxes for us. It is in a key growth corridor, in close proximity to major airports and the rooftops and office density are there to sustain a vibrant, mixed-use development.”
The project will be Koar’s first mixed-use development in Texas, per the release. The city of McKinney recently approved the rezoning of the 62 acres from primarily office uses to include the residential and commercial elements as well. The rezoning has increased the projected economic impact of the project from $199 million to $366 million, per the news release. It adds high-density residential in attached and detached structures, a four-acre retail component and increases the office square footage by 33%, the release stated.
“KOAR Institutional Advisors’ investment and vision for this site complements and further establishes the McKinney Corporate Center Craig Ranch as a prominent destination in North Texas,” McKinney Mayor George Fuller said in the release. “We are excited to have such a valued partner investing in our community.”
In addition to the development, the project will extend Grand Ranch Parkway from the roundabout at Henneman Way to Van Tuyl Parkway.
Craig International CEO David Craig and COO Miles Prestemon have been engaged by McKinney Joint Venture to manage and oversee development for the project. Craig International President James Craig has the exclusive listing for the Corporate Center land owned by McKinney Joint Venture.