The Jefferson Verdant, previously called Jefferson Bois D’Arc, is a product of JPI, an Irving-based residential development company. The project agreement is expected to close before the end of the year, according to JPI Senior Vice President Ryan Combs.
The nearly $107 million project, located at 5649 Bois D Arc Road, will include 383 units across eight residential buildings, with five buildings being townhomes and the other three buildings being multifamily units, according to site plan documents. The property will have 252 one-bedroom apartment units, 95 two-bedroom units and 36 three-bedroom units across both the townhome and apartment buildings.
The development will be placed on nearly 15 acres that was purchased by JPI earlier this year, according to the Collin County Appraisal District, and is expected to be completed in spring 2025, Combs said. The community will begin leasing in summer 2024 and will have a pool, gym, two garden courtyards, pickleball courts, a dog park and a clubhouse, according to site plans. The property will likely be managed by ZRS Management, Combs said.
The project is a result of a public-private partnership with the city of McKinney and part of a larger search by the city for more affordable housing solutions. At least half of the units will have restricted rent to serve tenants making 80% or less of the area’s median income, according to city documents. The rent will range between $1,462-$3,000, according to documents for JPI.
“At the end of the day, what the council is trying to do is find the most efficient way to use the right programs and dollars to provide the very diverse affordable housing we need,” Assistant City Manager Kim Flom said.
The public-private partnership model is one of many options the city can use to bring affordable housing developments to the community. The city initiated the process with a request for qualifications in May and received six responses from developers for both public-private partnerships and codevelopment projects, Flom said. The city later established the McKinney Public Facilities Corporation in June to facilitate the partnership.
“We're using the tools in our toolbox to make sure that McKinney continues to be a livable city for ... hopefully a diverse amount of incomes,” Flom said.