Craig International To Begin $250M McKinney Mixed-Use Development
After a year of adapting to changes in commercial real estate demand, Craig International revealed plans for its District 121 mixed-use development in McKinney this week.
The developer scrapped plans for residential on the $250M, 17.85-acre project and instead is focusing its development around Kaizen Development's 200K SF eight-story office tower, along with restaurant and retail space.
The developer expects to roll out 40K SF of retail and 520K SF of office along with a hotel concept on-site.
"We’ve spent the last year on economic studies and reworking the site plan to make sure this dynamic dining and entertainment destination is viable,” David Craig, CEO of Craig International, said in a statement.
Craig is working on the project alongside partner Miles Prestemon and property owner Dr. Baber Younas.
“There were a lot of moving parts that needed to line up for District 121 to be a success," Craig said in a press release. "I’m grateful for the partnership with the City, the McKinney Economic Development Corporation, McKinney Community Development Corporation, Kaizen and the adjacent property owners who helped this all come together.”
The site's luxury office destinations allow the city of McKinney to compete for more corporate relocations to the Dallas-Fort Worth Metroplex. Headquarters moving into the facility will be close to the growing North Dallas suburbs and the McKinney International Airport.
Shop Cos.' Thomas Glendenning and Landry Kemp are working on leasing for the retail/restaurant spaces inside the district.
The listing broker for the entire site is Craig International's James Craig.