McKinney EDC Has Bought Up 200 Acres Near 121. Next Up: Development Partners
MEDC has acquired more than 200 acres of prime acreage alongside the SRT 121 tollway over the last few years to preserve the city’s vibe and ensure high-quality development is fostered alongside the corridor.
The overarching purpose is to ensure McKinney’s community design is taken into account as developers target the city with multipurpose developments.
“We want to make sure that our key properties along the tollway fit in our city development plan for making McKinney both a great place to live and work,” MEDC President and CEO Peter Tokar III said.
MEDC’s 121 portfolio includes 58 acres at Stacey Road and 121, 44 acres at Lake Forest and 121 and more than 60 acres at the junction of 121 and Interstate 75, called Southgate, Tokar said.
But the city is not land-banking the property or turning itself into a development firm. Developers with track records who can meet MEDC halfway are being encouraged to submit ideas for building on the land.
“The goal is partner with developers to build destination-driven, mixed-use developments," Tokar said. "Whether that involves a public-private partnership or simply a land sale is yet to be determined. We want to use these lands as a catalyst for high-end development, not to land bank it.”
MEDC considers ideal developments for these locations as office-centered, mixed-use properties with community and corporate amenities.
The best candidates would possess the ability to support emerging technologies and incorporate 5G-enabled structures, Tokar said. As Bisnow reported earlier this month, McKinney is growing beyond its initial footprint and city planners envision it being a possible technology hub in the future.
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