Negotiations between city officials and developers M2G Ventures are continuing for McKinney's downtown redevelopment project.

The term sheet negotiation period for the downtown redevelopment project has been extended to June 30, 2025, according to city documents. McKinney City Council members unanimously approved the extension as part of the consent agenda at a Dec. 17 meeting. This is the second extension of the negotiation period for the project.

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.


Negotiations were extended for the first time through a City Council action at a June 4 meeting, changing the deadline to Dec. 31.

In both cases of negotiations being extended, city staff determined the need for additional time to finalize the agreement, city documents state. The acquisition and development agreement is now expected to be presented to City Council members by the June 30, 2025 deadline.

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.

City Council members approved a resolution adopting a proposed development agreement for the site at a Nov. 19 meeting. The development program features new structures on five city blocks, including:
  • 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 many a five stories tall
A site plan of the adopted development program depicts proposed land uses for properties being targeted for redevelopment in downtown. (Courtesy city of McKinney)
A site plan of the adopted development program depicts proposed land uses for properties being targeted for redevelopment in downtown. (Courtesy city of McKinney)
The development program adopted in the resolution will serve as the foundation for the term sheet, according to a presentation at the Nov. 19 meeting. Following the end of negotiations for the project, the development process will be determined, the city’s website states.

Learn more

For more information on the downtown redevelopment initiative, visit www.mckinneytexas.org/cityproperty.