The 37-acre site, which previously allowed residential development and will be called 380 at Headington Heights, could soon be home to Costco and several other big-box retailers, according to site developers.
“We are working and have signed an agreement with Costco for that corner along with six other box retailers and some great restaurants and shops,” said Eric Seitz, president of Seitz Developments. “Our goal is to keep pushing through. We’ve had great help with the city so far and could not have asked for anything more, and we look to be able to provide stores for the town sometime in the summer of [2017].”
The development proposal will have to come before council for an official vote, and city officials said that could take place in May.
Push for more retail
The city is pushing for more retail developments by conducting large annexations of land planned for retail sites and by contracting with The Retail Coach to help grow McKinney’s retail sector.
According to a study done by the group, the city is losing more than $3 billion in retail sales each year to surrounding cities because of a lack of retail opportunities in McKinney.
According to the study, the city of McKinney has the potential for more than $5.76 billion worth of annual retail sales. Right now, the city is averaging roughly $2.69 billion a year.
According to an October retail market analysis, developments similar to what Seitz is hoping to bring to the area have the potential to bring in between $270,000-$308,000 annually
in property tax and between $1.8 million-$2.6 million annually in sales tax revenue.
According to the analysis, these developments bring major retailers such as Target, discount department stores such as T.J. Maxx and wholesale clubs such as Costco with a few small tenants.
These developments often have a trade area, or area from which shoppers will come, of about five miles.
