The term sheet negotiation period for the downtown redevelopment project has been extended to Dec. 31, according to city documents. McKinney City Council members unanimously approved the extension as part of the consent agenda at a June 4 meeting.
The details
The term sheet agreement being negotiated will determine the acquisition of property and redevelopment process for four city-owned tracts of land in downtown.
City staff entered negotiations with M2G Ventures earlier this year following the selection of the company by council members at a Jan. 4 meeting. The resolution approved at that meeting allowed for negotiations to continue until July 1.
City staff determined the need for additional time to finalize the agreement, the resolution stated. The acquisition and development agreement is now expected to be presented to city council members by the Dec. 31 deadline.
Projection execution and administration will begin following the development agreement being finalized, according to a presentation at the Jan. 4 meeting.
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, and 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.
The project proposal from M2G Ventures included multifamily residential units, a boutique hotel and additional parking. The proposal also included open space as well as retail and restaurants throughout the project.
Learn more
For more information on the downtown redevelopment initiative, visit www.mckinneytexas.org/2096.
