News
Craig Ranch, KDC JV
June 3, 2010
| McKinney's Craig Ranch made some lemonade: the foreclosed upon $52M Times Square at Craig Ranch is back on the market. What's more, the 2,200-acre master-planned community announced a JV partnership with KDC for a $575M, 250-acre “employment district.†(We think it's a fancy phrase for office area.) | |
 | |
| Craig Ranch developer David Craig says KDC's experience in developing corporate build-to-suit projects (having developed more than 110 facilities over the past decade) positions the project for market recovery. The 250-acre parcel has two parts: a 160-acre corporate district with potential to build 2M SF for multi-tenant office buildings and corporate HQs. The second is a 90-acre medical district, of which 45% of the acreage has already been purchased by users. It's all build-to-suit, and KDC will develop and market the corporate district component off SH121 between the North Texas Tollway and North Central Expressway. | |
 | |
| There are always corporations looking for growth and quality labor in a business-friendly state with a low cost-of-living, KDC SVP Bill Guthrey tells us. "This is a well-located, large tract with attractive amenities to capture employers' attention. Over the years, this effort will bear some fruit.†Bill says there's already interest brewing, and he hopes to have news in the near future (definitely by year's end). | |
 | |
| Despite the blue skies when we took this picture, Bank of America's November foreclosure of the mixed-use Times Square moved forward with the selection of CBRE as the exclusive advisor in its sale. The five-story project at 7951 Collin McKinney Pkwy has 313 units and 88k SF of ground-floor retail. It was owned by outside developers Evergreen Realty Partners and DXE Commercial Development. “We are viewing this as a positive,†David tells us. “You can't move forward when properties are tied up in debt collection. Times Square is a fantastic property that is 50% leased, so I have no doubt that a sophisticated buyer will see it as a great opportunity.†CBRE Multi Housing EVPs Dirk Goris and Mark Stymiest will lead marketing. | |
