MCKINNEY, TX—As a follow up to a previous article, this week, the city of McKinney approved a tax incentive plan for a $100 million upscale lifestyle hotel and conference center in Craig Ranch, making the project officially a public-private partnership. The project will be located on an 8-acre site at the corner of Collin McKinney Parkway and Weiskopf Avenue within the 2,200-acre Craig Ranch master-planned development.
“This project will be a cornerstone companion development of the Corporate Center of Craig Ranch,” said mayor Brian Loughmiller.
The city voted to contribute up to $18 million in economic incentives that include a $5 million loan at commencement of construction and a $3 million grant upon completion of the project from the McKinney Community Development Corporation. The remainder of the incentives is in the form of a reimbursement of tax dollars generated by the hotel.
Years one to five will have a 75% reimbursement of sales, property and hotel occupancy taxes back to the hotel, and years six to 10 will have a 50% reimbursement. The tax reimbursements will be capped at $10 million in earned tax incentives for 10 years.
“The addition of the Craig Ranch Resort and Conference Center to McKinney will advance tourism in our region and elevate the quality of life for our residents. This project is a win for McKinney,” said MCDC board chairman Kurt Kuehn.
Construction on the development will get under way this summer with the resort opening by fall of 2019. Johnson said Aimbridge Hospitality expects to announce the developer of the project very soon.
Meanwhile, SWBC Real Estate LLC has started construction on a multifamily development project also in Craig Ranch, called Central Park at Craig Ranch, on a 4.5-acre site. SWBC started construction last month after securing building permits through the city of McKinney.
The first units are expected to be available by April 2018 and the project is expected to be completed by December 2018. The architect for the project is locally based Cross Architects, the engineering firm is Stantec and the general contractor is SWBC Builders LLC.
“With numerous corporate headquarters relocating to the north Dallas area, we feel that our Central Park at Craig Ranch project is in a great location to help fulfill the housing needs for the residents moving to the area,” Stuart P. Smith, senior vice president, SWBC Real Estate LLC tells GlobeSt.com.
The 276-unit complex will feature a combination of one-bedroom, two-bedroom and three-bedroom units. Residents will enjoy a clubhouse with a community business center, an attached parking garage, a 24-hour fitness center, a pool and spa with sunning desks and Wi-Fi, outdoor gathering areas and grills. The units will consist of 10-foot ceilings and granite countertops.
In addition to the amenities developed specifically for the complex, the tenants and guests can take advantage of the surrounding amenities such as the Cooper Fitness Center McKinney, The Ballfields at Craig Ranch, Michael Johnson Performance, TPC Craig Ranch, a community dog park, and 350 acres of green space consisting of hiking and biking trails.
Located at the crossroads of Frisco, Plano, Allen and McKinney, Craig Ranch is the home of the McKinney Corporate Center Craig Ranch, a premiere 137-acre office park. The TPC Craig Ranch private golf course is the centerpiece of the community and a member of the Audubon Cooperative Sanctuary program. The green spaces also include soccer and baseball fields, and hike and bike trails.
As one of the fastest growing US cities, McKinney has a current population of more than 168,000.
MCKINNEY, TX—As a follow up to a previous article, this week, the city of McKinney approved a tax incentive plan for a $100 million upscale lifestyle hotel and conference center in Craig Ranch, making the project officially a public-private partnership. The project will be located on an 8-acre site at the corner of Collin McKinney Parkway and Weiskopf Avenue within the 2,200-acre Craig Ranch master-planned development.
“This project will be a cornerstone companion development of the Corporate Center of Craig Ranch,” said mayor Brian Loughmiller.
The city voted to contribute up to $18 million in economic incentives that include a $5 million loan at commencement of construction and a $3 million grant upon completion of the project from the McKinney Community Development Corporation. The remainder of the incentives is in the form of a reimbursement of tax dollars generated by the hotel.
Years one to five will have a 75% reimbursement of sales, property and hotel occupancy taxes back to the hotel, and years six to 10 will have a 50% reimbursement. The tax reimbursements will be capped at $10 million in earned tax incentives for 10 years.
“The addition of the Craig Ranch Resort and Conference Center to McKinney will advance tourism in our region and elevate the quality of life for our residents. This project is a win for McKinney,” said MCDC board chairman Kurt Kuehn.
Construction on the development will get under way this summer with the resort opening by fall of 2019. Johnson said Aimbridge Hospitality expects to announce the developer of the project very soon.
Meanwhile, SWBC Real Estate LLC has started construction on a multifamily development project also in Craig Ranch, called Central Park at Craig Ranch, on a 4.5-acre site. SWBC started construction last month after securing building permits through the city of McKinney.
The first units are expected to be available by April 2018 and the project is expected to be completed by December 2018. The architect for the project is locally based Cross Architects, the engineering firm is Stantec and the general contractor is SWBC Builders LLC.
“With numerous corporate headquarters relocating to the north Dallas area, we feel that our Central Park at Craig Ranch project is in a great location to help fulfill the housing needs for the residents moving to the area,” Stuart P. Smith, senior vice president, SWBC Real Estate LLC tells GlobeSt.com.
The 276-unit complex will feature a combination of one-bedroom, two-bedroom and three-bedroom units. Residents will enjoy a clubhouse with a community business center, an attached parking garage, a 24-hour fitness center, a pool and spa with sunning desks and Wi-Fi, outdoor gathering areas and grills. The units will consist of 10-foot ceilings and granite countertops.
In addition to the amenities developed specifically for the complex, the tenants and guests can take advantage of the surrounding amenities such as the Cooper Fitness Center McKinney, The Ballfields at Craig Ranch, Michael Johnson Performance, TPC Craig Ranch, a community dog park, and 350 acres of green space consisting of hiking and biking trails.
Located at the crossroads of Frisco, Plano, Allen and McKinney, Craig Ranch is the home of the McKinney Corporate Center Craig Ranch, a premiere 137-acre office park. The TPC Craig Ranch private golf course is the centerpiece of the community and a member of the Audubon Cooperative Sanctuary program. The green spaces also include soccer and baseball fields, and hike and bike trails.
As one of the fastest growing US cities, McKinney has a current population of more than 168,000.
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