A West Coast-based development firm obtained zoning approval this week to build out an 80-acre mixed-use project bordering the Sam Rayburn Tollway in McKinney.
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Through its affiliate, McKinney Joint Venture, KOAR Institutional Advisors rezoned 62 out of 80 acres it owns in the McKinney Corporate Center at Craig Ranch to develop a mixed-use center that already has commitments from office users.
The rezoning approval enhances the economic prospects for KOAR's acreage, pushing the potential economic impact from $199M to $366M. The developer will bring in high-density residential development and retail and expand existing office square footage by 33%, according to a press release.
Prior to obtaining zoning approval, KOAR's joint venture had already closed on a deal with an undisclosed financial services firm to house its corporate center on 16 acres already owned by KOAR. A remaining 4.5 acres will soon become the corporate headquarters of RPMx Construction.
Once completed, the mixed-use development will offer tenants access to a 2.5-acre linear park that connects the hotel, restaurant and corporate center components in Craig Ranch.
“The possibilities for this project have grown exponentially since we first started looking at it 24 months ago,” Laurent Opman, KOAR Institutional Advisors principal and general partner of McKinney Joint Venture, said in a statement.
“McKinney Corporate Center Craig Ranch checked all the boxes for us. It is in a key growth corridor, in close proximity to major airports and the roof tops and office density are there to sustain a vibrant mixed-use development.”
The project is KOAR's first mixed-use project in Texas; the firm made its name developing projects like the Schrader Hotel in Hollywood and the $145M Solair Wilshire mixed-use tower in Los Angeles.
Developer KDC is working with the joint venture to construct build-to-suit office assets inside the corporate center.
Craig International CEO David Craig and Chief Operating Officer Miles Prestemon are managing and developing the project, while Craig International's James Craig is the exclusive listing agent for Corporate Center land owned by the McKinney Joint Venture.
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