The project by privately owned global real estate company Palladium would add 110 units, with 74% of units offered at below market rate, city documents state. McKinney City Council members approved a resolution of support for the project in a 5-1 vote at a Feb. 4 meeting, with Council Member Charlie Philips voting against and Mayor George Fuller absent from the meeting.
The details
The $31 million project, dubbed McKinney Ranch Senior Living in city documents, would be located on 3.7 acres on McKinney Ranch Parkway, just west of Lake Forest Drive and adjacent to an existing senior living memory care facility. The property would be limited to resident 62 years old and older.
The development would include a single building ranging from three- to four-stories with 110 housing units, as well as a community center. Units would offer both one- and two-bedroom floor plans ranging from 706-square feet to 984-square-feet, city documents state. The building would also feature interior corridors and be equipped with elevators.
The community would include a number of senior-focused amenities, Palladium Executive Director Kim Parker said, such as:
- An outdoor pool with an accessible ramp
- A covered pavilion with grills
- A fitness center
- Community gardens
- A theater room
- A dog park
- Community activities, events, resources and other programming
The resolution of support approved by council members is one step in the process of applying for the Texas Department of Housing and Community Affairs’ low-income housing tax credits, or LIHTC, program, McKinney Housing and Community Development Director Margaret Li said at the meeting.
As of Sept. 2024, there are 20 properties in the city that have received tax credits, totalling 3,015 LIHTC units, city documents state. The low-income housing tax credits program is competitive, Li said, and the resolution will earn the developer’s application additional points when being considered.
“[The resolution] is not a commitment to rezone the site or a guarantee or any particular outcome,” Kim Parker said. “It’s simply a means to advance our efforts to explore developing much needed senior housing at this location. By granting the resolution, you would be proving an endorsement that could strengthen our application for tax credits and increase our chances of securing necessary funding.”
Parker said that the project is contingent on receiving the tax credits, and without the credits, would be “infeasible.”
What they’re saying
Council member Patrick Cloutier, who represents District 2 where the project is located, said the development would benefit the community’s senior population. Council member Rick Franklin agreed, saying that the location is “perfect” for the project type.
“It’s so difficult to get products like this off the ground, and the 9% tax credit is what we need,” Cloutier said.
Council member Charlie Philips, who voted against the resolution of support, said the city has enough existing apartments and the project would not provide enough benefit to McKinney’s residents.
“I don’t see a benefit to the citizens of McKinney, other than the 81 people who may get to live in this place,” Philips said.
Also of note
Palladium has two other projects underway in McKinney, Parker said.
The first project is a 172-unit affordable housing project on Virginia Parkway, just west of US 75. The project received a 4% housing tax credit award and began construction in late 2023. The development, which is 70% pre-leased, is expected to see construction complete this summer, Parker said.
Another development project will add 327 multifamily units in a luxury, market rate development at the intersection of Kenneth Cooper Drive and Collin McKinney Parkway, Parker said.
