Making The Suburbs Millennial-Friendly
The suburbs are no longer limited to families, empty nesters and young couples. Smart developments in North Dallas suburbs realize the potential young and single Millennials hold for a city. TIG Real Estate Services director of acquisitions and development Brad McJunkin and Craig International founder David Craig shared how this is playing out in the 121 Corridor. Hear more from Brad and David at our 121 Corridor Expansion event Aug. 25.
Brad (here hiking in Estes Park with his grandson) tells us that as Millennials move to the Collin County area in stronger numbers, developing is no longer just about Baby Boomers. "If you're not catering to Millennials, you're missing the boat," he says.
Plano, McKinney, Allen, Frisco and the other towns around the 121 Corridor aren't the only ones. Richardson has stepped up its marketing and created some special developments to attract more Millennials.
If you're not building mixed-use, like TIG's Cottonwood Creek in Allen, you need to be. When complete, Cottonwood will have two phases of multifamily with 300 units each, eight acres of retail and 500k SF of office space in two phases. Brad tells us it's hard to argue that mixed-use isn't a necessity. If areas aren't walkable or attached to a town center, they're probably leasing slower than the ones that are. The market now demands a little bit of everything to keep tenants—especially Millennials—happy.
Craig Ranch in McKinney has been making waves in the mixed-use game before Millennials had their first cellphones. David tells us it offers a mix of uses, rather than mixed-use. Meaning, it isn't necessarily vertically integrated, but you can still find a fitness center, nature trails, a PGA Tour golf course, restaurants, medical offices, places of worship and hotels within the master planned community.
CRE will do what the market dictates, which happens to be what Millennials dictate: walkability experience over materials, and amenities. Right now the market is demanding eateries and drinkeries within a smaller, walkable land mass with multiple points of entry and exit, David tells us.
The cities in Collin County have positioned themselves to pick and choose the developments that will benefit their cities long term. David says McKinney has been great to work with, and Brad says Allen has been difficult to work with—in the best way. "Allen wants the highest quality possible to continue to create the best city," Brad (pictured top right with his family at his daughter's wedding) says.
Hear more from Brad and David on Aug. 25 at our 121 Corridor Expansion event. Sign up here.