MCKINNEY, TX—With consumer demand at the forefront, coupled with riding the wave of the mixed-use frenzy sweeping the nation, a $120 million mixed-use project is coming to the 137-acre office park, McKinney Corporate Center Craig Ranch. Developer Shane Jordan has closed a deal for Hub 121, a 22-acre restaurant, retail and entertainment destination located at the northwest corner of SH 121 and Alma Road. Jordan is co-developing Hub 121 with Larry Masi.

“Hub 121 will be a multi-venue destination for all of McKinney and the North Texas area,” said Jordan. “We have a wow factor in mix of uses that will bring customers to Craig Ranch and programming to keep them here longer. People will come for coffee and yoga on the lawn in the morning, stay for lunch and shopping, and then dinner, live music and a movie with friends.”

Construction on phase one of Hub 121 will kick off in January 2018, with the first restaurants open by January of 2019. The first phase of Hub 121 will include a 40,000-square-foot restaurant park in three clusters with rooftop decks and connected pedestrian walkways to Independent Banks' 400,000-square-foot $52 million future headquarters campus. Walkways will also connect to the Parkside at Craig Ranch's 2,500-unit urban residential community, a 6,500-square-foot pavilion with a performance stage for live music and family movie nights, and 20,000 square feet of retail and 287 urban residences. The second phase of the project will have an approximate 100,000-square-foot office building, additional retail buildings and a hotel.

David Craig, founder and master developer of Craig Ranch said this was the vision he and his partners had in mind for Craig Ranch from the start.

“We've waited a long time to get a venue like this and now Craig Ranch will become a destination location for McKinney and our sister cities,” Craig tells GlobeSt.com.

Craig says Hub 121's location along the Sam Rayburn Toll Road, now known as the Blue Diamond Corridor, will bring increased foot traffic, added value to residents and keep tax dollars in McKinney.

“This is a tremendous addition for Craig Ranch and Corporate America tells us it wants eateries and drinkeries within walking distance to headquarter locations,” said Craig. “With the additions of Hub 121 and the Craig Ranch Resort and Conference Center to our long list of amenities, we have all of the elements businesses look for to recruit and retain talent.”

The $100 million Craig Ranch Resort and Conference Center will have a March 2020 opening. Other recently announced projects in Craig Ranch include the McKinney Methodist Craig Ranch Surgery Center now open, and the Dr Pepper StarCenter expansion, which will add approximately 46,000 square feet to its facility, including an ice rink with 1,800 seats, parking and locker rooms, GlobeSt.com learns.

“There is a depth to the Craig Ranch market that hasn't been tapped into yet,” Jordan tells GlobeSt.com.

Located at the crossroads of Frisco, Plano, Allen and McKinney, Craig Ranch is accessible to major employment centers, regional and specialty shopping, dining and sports and entertainment venues throughout Collin County. Craig Ranch is within 30 minutes of DFW International Airport and Dallas Love Field and within seven minutes of McKinney National Airport.

NCA Partners is the architect for the project, EDGE Realty Partners is the commercial leasing broker, Seneca Investments is the urban housing developer and Happy State Bank is the lender on the project.

A session at the Lodging Conference last week discussed the benefits of including a hotel within a mixed-use project, as Craig Ranch is doing. Moderator Jonathan Falik, CEO, JF Capital Advisors, led the panel including David Callaghan, vice president, resort sales and service, Interval International; Michael Fleischer, senior vice president, Related Fund Management; Jeffrey LaPour, CEO/president, LaPour Partners; and Guy Maisnik, partner and vice chairman, Global Hospitality Group.

“The right hotel will boost retail and all uses,” said Maisnik. “Issues occur if the hotel goes away. And, retailers sometimes don't understand the hospitality piece of the equation, so hotels and retail have to work together.”

The inverse is also true with regard to retail, LaPour pointed out.

“A high-performing Starbuck's in the right location can be more profitable than a hotel,” he said.

The speakers said other key ingredients for creating a successful mixed-use project include financing, branding, zoning and land use, legal issues, design, location, amenities and the right blend of tenants.

Instant Insights /

Retail and Hotels Provide Complementary Mix

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