A $200 million mixed-use project is expected to bring a resort-style hotel and surfing lagoon to a site in south McKinney, according to a Dec. 13 news release.
The Cannon Beach project, which will also feature retail spaces with restaurants and family-focused entertainment offerings, is slated to attract 300,000 visitors annually.
“We cannot be more excited to bring a beach paradise to McKinney, whose leadership shares our unparalleled vision for a world-class, family-friendly destination that will quite literally bring the ocean to its backyard,” Developer Cole Cannon said in the release.
The first phase of the project is expected to open as soon as 2026, the release stated.
The details
The 35-acre mixed-use development will be located at the northeast corner of Stacy Road and SH 121 on land currently owned by the McKinney Economic Development Corporation.
The project will feature a full-service resort-style hotel, the release states. The hotel will include a rooftop pool as well as wedding and event spaces. The resort property will also feature a beach that will connect to the surf lagoon, and lounge areas and cabanas with food service.
The project is centered around a roughly 4-acre surf lagoon that will host water-focused attractions including cliff-diving and a stationary surf wave, the release states.
“Cannon Beach promises to offer something for everyone, from families and thrill-seekers to professionals and entrepreneurs,” Cannon said.
The mixed-use development will also feature restaurants, family-friendly entertainment and business spaces, but no residential development. According to the release, some potential retail uses include:
- A skateboard park
- A movie theater
- A bowling alley
- A health club
- Other indoor recreational facilities
While the development will serve as a tourism destination, the project will also attract businesses and companies to locate in McKinney.
“In addition to the tourism component of this project, Cannon Beach plans to deliver 100,000 square feet of state-of-the-art office space, positioning itself as a hub for top talent and innovation, from global corporations to ambitious startups,” Fuller said in the release.
The development will support 700 local jobs and is expected to generate a $2 billion economic impact over 20 years, according to a statement from the MEDC.
“Anytime that you can bring world-class amenities that are unique to the area, and in this case, the entire state, it's a draw from the region, not just McKinney, that will attract visitors, attendees to McKinney,” Fuller said.
What they’re saying
- “It's a world class facility that is tremendously unique. It will bring people from outside our city here to spend tax dollars in our community,” Fuller said. “That benefits everybody, whether you use the facility, or whether you live in the farthest northwest quadrant of the community and never even see it. There's a benefit to you.”
- “This just provides yet another part of our story that we can tell people across the nation, across the world, about why McKinney is very special,” said Michael Kowski, president and CEO of the McKinney Economic Development Corporation.
The project is a partnership between the Cannon Development Group as well as the city of McKinney, the McKinney Economic Development Corporation, and the McKinney Community Development Corporation, the release states.
The Cannon Development Group recently opened its first surf-focused development in Mesa, Arizona. The 37-acre Cannon Beach mixed-use development features similar elements to what is proposed at the McKinney project, the release states, including a surf park called Revel Surf. The surf park is the first development worldwide to feature a large travelling wave and a stationary rapid surf wave in one park, its website states.
Fuller said city leaders have been collaborating for over a year to bring this project to McKinney, noting that the city needs more Class A office space and restaurants, and is “woefully behind” in total number of hotel rooms given the amount of events and amenities in the city.
“Whether we're talking about the Byron Nelson, the NCAA Division II Football Championship, the new amphitheater that's coming that will generate tens of thousands of room nights a year,” Fuller said of events that draw hotel stays to McKinney.
The hotel stays generate hotel occupancy tax, and visitors also contribute sales taxes, which contribute to the city’s general fund and reduce the property tax burden for residents, Fuller said.
Kowski said the developers and the MEDC had a mutual interest in bringing office space to McKinney as part of the development.
“If a company is looking to relocate employees to a new office building, having it set in a very attractive place that has restaurants nearby, that has some experiential uses as part of the development, [that] is something that we wish to do and hope to do for all new projects,” Kowski said.
Kowski also noted that no residential uses were included in the plan for the project due to the existing density of residences in the area. The MEDC-owned land was selected for the project largely due to its proximity to other destinations in McKinney, Kowski said, including District 121, Hub 121 and the Craig Ranch Soccer Complex.
The 35-acre tract is part of a larger 58-acre tract, and MEDC officials are working to plan what will be constructed on the remainder of the site.
“There's another phase in development that we are penciling out, and we look forward to completing the master plan for that entire property and bringing more great stuff to McKinney,” he said.
Kowski said it is undetermined whether the remainder of the tract will be developed by the same developer or a different developer.
Looking ahead
Consideration of the project’s site plan as well as formal incentive agreements are also slated for early next year.
City leaders are pursuing an agreement with the developers for the project, including consideration of incentives for the project, such as:
- Infrastructure assistance
- Land acquisition
- Tax rebates
The next update on the project is slated for early 2025 as negotiations for the project are ongoing, according to a statement from the MEDC. For more information, visit www.cannonbeachtx.com.
