The $325 million JW Marriott project coming to McKinney could receive additional local funding, city documents state.

The McKinney Community Development Corporation board considered a request for a $25 million project grant and $10.25 million loan for the project at a June 26 meeting. No action was taken on the request.

The gist

A $25 million project grant was requested that, if approved, would be paid when a certificate of occupancy is issued for the project, according to a presentation at the meeting. The loan requested totaling $10.25 million would be funded at the start of construction. Richard Stockton, senior managing director at Ashford Inc., a real estate services company that specializes in hotels, said that the funds would be used specifically to support the hotel portion of the project.

A separate economic incentive agreement for the project was approved by McKinney City Council members at a June 3 meeting. The agreement includes $18 million in city tax rebates that will be returned to the developer over a 12-year period.


Project representatives are also pursuing additional support from the McKinney Economic Development Corporation in the amount of $2 million, state tax rebates totaling about $30 million, and $3 million in funds from Marriott, Stockton said.

The context

The project is being developed through a partnership between Ashford Inc., Craig International and Horizon Capital Partners, the presentation states. David Craig, founder and CEO of Craig International, said that he envisioned a luxury hotel in Craig Ranch for more than 20 years.

The 18-story resort hotel will be developed on a roughly 8-acre parcel at the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway. The hotel will feature various amenities, according to city documents, including:
  • 290 guest rooms
  • Over 50,000-square-feet of hotel conference space, including multiple ballrooms with movable partitions, breakout spaces, boardrooms and more
  • A fitness center
  • A three-meal restaurant and a specialty restaurant
  • A lounge with pool seating and food service
  • Pickleball courts
A conceptual site plan includes the hotel structure, parking, restaurant spaces, a lazy river and more. (Courtesy city of McKinney)
A conceptual site plan includes the hotel structure, parking, restaurant spaces, a lazy river and more. (Courtesy city of McKinney)
A resort style pool and water park with a lazy river will also be included, which will be open to both hotel guests and the community via day passes, Stockton said. Other amenities include valet and self-parking in a structured parking facility, a gift shop, a business center and guest access to Lifetime Fitness and Spa and TPC Craig Ranch.


The project will also feature 48 for-sale condominiums with a separate amenity deck that are constructed above the hotel structure, city documents state. Under terms of the agreement, construction on the resort hotel project must start by Dec. 31, 2026 and be completed by April 30, 2029, according to city documents.
The hotel will occupy the lower floors of the 18-story structure while for-sale condominiums will be built on the upper floors, city documents state. (Courtesy city of McKinney)
The hotel will occupy the lower floors of the 18-story structure while for-sale condominiums will be built on the upper floors, city documents state. (Courtesy city of McKinney)
Quote of note

“The project really only happens if we’re able to partner with the city and get an important public incentives package,” Stockton said.

Looking ahead

While a public hearing for the loan and grant request was closed during the meeting, no action was taken on the funding requests. The item will be considered at a future MCDC board meeting.