Council members approved a resolution outlining a six-month negotiation period with the selected development team to create an acquisition and development agreement, according to city documents. The resolution was approved in a 4-3 vote, with Mayor Pro Tem Charlie Philips along with council members Michael Jones and Rick Franklin voting against.
How we got here
City Council members declared their intention to pursue a public-private partnership for the redevelopment of five blocks in downtown in early 2023. The properties include the existing City Hall building along with the development services building and two neighboring parking lots.
Public input was gathered prior to city staff issuing a request for qualifications, which received 15 responses from development firms looking to partner with the city, according to a presentation at an Oct. 24 meeting.
The top three finalists presented their visions for the properties at a Nov. 28 special meeting. The finalists included Nack Development, M2G Ventures and Hines Interests.
Diving deeper
M2G Ventures is a woman-owned development firm based in Fort Worth. The firm worked in an advisory role as the exclusive retail partner for Mule Alley at the Historic Fort Worth Stockyards, according to a representative of the company. The firm has also worked with other Dallas-Fort Worth area cities, including Plano, Frisco and Addison, on infrastructure development projects and through public-private partnerships, according to a Jan. 5 press release from the city of McKinney.
The presentation by M2G Ventures representatives included a proposal for a mixed-use project featuring multifamily residential in the style of live-work units with a wrapped, multilevel parking garage; a boutique hotel; and additional parking.
The proposal also included open space as well as retail and restaurants throughout the project, including along a pedestrian-only paseo. However, the presented concept plans are conceptual and could change during negotiations, Assistant City Manager Kim Flom said at the meeting.
“Selecting a development team today does not mean that it will be built tomorrow, [and] it doesn’t mean we’re actually selecting that exact plan,” Flom said. “It means that we feel they have the ability to work with us, to hone in on their technical skill set [and] the plan they shared with us but evolve that plan into a vision that the council is looking for.”
What they’re saying
Flom said the public input collected at the Nov. 28 meeting didn’t identify a clear favorite development team. Of the 48 comment cards received, the term “good” was a common thread between all of them, Flom said.
“We have three really good candidates here that really understand how to do development downtown,” she said. “It makes a very tough decision, but it’s also the best place you can be in, especially for something as special as downtown McKinney.”
Council member Geré Feltus made the motion to select M2G Ventures as the preferred development partner, noting she felt the firm’s proposal featured a style that would integrate well with the McKinney community.
Philips, one of three council members who voted against the resolution, said he favored the team from Frisco-based Nack Development as well as their choice to use McKinney-based Pogue Construction if selected for the project.
“I want the folks who are most likely to drive by this project 10 years from now because I want them to drive by and be proud of it,” he said.
Looking ahead
City staff will work with the selected firm to develop an acquisition and development agreement in the coming months.
The first phase of the process will also include design development, conceptual planning and public engagement opportunities. The second phase includes negotiating a term sheet and development agreement, according to the presentation. The approved resolution outlines a six-month timeline for these phases, which Flom called “very realistic.”
If the council members choose to move forward with M2G Ventures following the six-month period, additional partnership negotiations and project refinement would precede a development agreement. If an agreement for the project is approved in late 2024, the project execution could begin in late 2024 or early 2025, she said.
McKinney Mayor George Fuller noted there are a number of points in the outlined negotiation process that if an agreement is not made, council members could pursue negotiations with one of the other development firms.
“If we can’t get to an agreement, one that we feel embodies what the community is expecting and looking for, ... we will be back at the table and be opening discussion with another one of the parties that have applied and made it to this round,” Fuller said.
Learn more
For more information on the downtown redevelopment initiative, visit www.mckinneytexas.org/cityproperty.
Editor's Note: The article has been updated to reflect the role of M2G Ventures as the exclusive retail partner for Mule Alley.
