Michael Quint, executive director of Development Services, said in a statement that the parties were unable to reach an agreement to redevelop 4.75 acres of city-owned property.
“McKinney remains committed to facilitating the redevelopment of the properties in a way that best aligns with the community’s goals while honoring the authentic culture and history that make downtown McKinney unique,” Quint said.
In a nutshell
Council members selected M2G ventures in early 2024 for the project, which plans for redevelopment of five blocks in downtown McKinney.
Properties that would be redeveloped include the former City Hall building, the city's Development Services building and two neighboring parking lots. Following various public input forums, council members approved a development program for the project in late 2024 that planned for new structures on the site such as:
- A six-story hotel with event and commercial space
- A five-story multifamily building with an integrated parking garage
- 12 townhomes
- A mixed-use block with commercial development such as restaurants and offices that could be as tall as five stories
M2G Ventures was selected from three finalists that also included Nack Development and Hines Interests. Each finalist presented their visions for the project at a special meeting held in November 2023.
The news comes five months after McKinney City Council members voted to extend negotiations a second time with the developer in January.
M2G Ventures officials confirmed that they did not reach an agreement with the city but declined to provide a comment.
Looking ahead
Council members are expected to consider next steps at a future meeting later this year.
“City staff plans to revisit this downtown redevelopment initiative with the City Council at a work session in late summer, at which time options for potential paths forward will be discussed,” Quint said.
For more information on the downtown redevelopment initiative, visit www.mckinneytexas.org/cityproperty.
