Trackside Junction, a mixed-use development designed to transform the empty parking lot at 111 W. Pecan St., is moving forward with financial support from the city of Celina.
Plans for the development include retail, restaurant, office, event and residential space, according to a presentation by Anthony Satarino, executive director of the Celina Economic Development Corp.
Celina City Council voted 5-2 to approve an economic development agreement that includes over $3 million in potential incentives with Nack Development for the project at a July 14 meeting, with council members Shea Scott and Shane Lambert voting in opposition.
Zooming in
Trackside Junction will add 15,000 square feet of retail and restaurant space, increasing the total amount of commercial space in downtown Celina by 20%, Satarino said.
The planned development is made up of two mixed-use buildings:
- Mixed-use building 1
- 4 stories
- 40,000 square feet
- Floor 1: 10,000 square feet of retail, restaurants
- Floors 2-4: coworking office space, event space
- Mixed-use building 2
- 3 stories
- 15,000 square feet
- Floor 1: 5,000 square feet of retail, restaurants
- Floors 2-3: five residential units
The development also includes a parking lot on the property, a dedicated two-car garage for each residential unit and an additional public parking lot across the street at 202 N. Louisiana Drive, according to Satarino’s presentation.
The city will lease the property for the parking lot on Louisiana Drive, and Nack Development will build 18 parking spaces on the property, per the presentation.
Breaking it down
City officials will give Nack Development $3.05 million in incentives in exchange for building Trackside Junction, according to the agreement.
The incentive package includes contributions from the city, CEDC and Tax Increment Reinvestment Zone No. 11:
- City of Celina: sell the land at 111 W. Pecan St. with an estimated value of $1 million to the developer for $1
- TIRZ No. 11: $1.7 million grant
- CEDC: $350,000 grant
A tax increment reinvestment zone, or TIRZ, is a special taxation district where taxes are used to attract economic development intended to generate enough additional tax revenue to offset the original investment.
Celina officials created TIRZ No. 11 in 2017 to support development in downtown Celina, according to a July 14 news release.
Trackside Junction’s economic development agreement is the first major use of TIRZ No. 11 funds to support a specific development, per the release.
The conditions
Nack Development’s incentive package is tied to several conditions, including:
- Investing at least $15 million in the project
- Breaking ground by the first quarter of 2027
- Completing both buildings by the second quarter of 2028
- Adding a flashing crosswalk across Louisiana Drive where it intersects Pecan Street, pending approval from the Texas Department of Transportation
If Nack Development fails to hit any of those milestones, ownership of the property will revert back to the city of Celina.
The grants from TIRZ No. 11 and the CEDC are also tied to key performance indicators, Satarino said.
On the other side
Council members Lambert and Scott voted against the economic development agreement.
Both officials cited issues with the portion of the agreement that requires the city to lease property on Louisiana Drive for an 18-spot parking lot.
“I would like to have a more robust dialogue on the parking lot,” Lambert said.
Despite issues with the parking component on Louisiana Drive, Lambert and Scott both expressed support for the development as a whole.
“I am not against the project,” Scott said. “I think it’s great, but I have a problem with a very small portion of the project that needs to be worked out.”
Looking ahead
Trackside Junction is intended to extend commercial activity down Louisiana Drive and help connect Celina’s downtown square with its growing entertainment district, Satarino said.
In his presentation, Satarino said Trackside Junction hopes to attract restaurant and retail tenants that are “active beyond traditional business hours,” expanding downtown Celina’s customer base and economic potential.
"Downtown is where our story began, and it's where we continue to invest in our future,” Mayor Ryan Tubbs said in the news release. “This partnership strengthens the heart of our city and helps ensure downtown remains a place people will enjoy for generations.”
