A planned $200M surf resort in McKinney will receive nearly $21M in city-backed funding.
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The McKinney Economic Development Corp. approved a budget amendment Tuesday that allows $20.9M in land-sale proceeds to fund the 35-acre Cannon Beach Surf & Adventure Park, under construction near the Sam Rayburn Tollway. The city originally approved the funding as part of an infrastructure grant agreement it signed with Cannon Development Co. last year.
The developer agreed to pay around $23M to the McKinney EDC for the land at the northeast corner of Stacy Road and State Highway 121. Under the grant agreement, the developer can have up to nearly $21M of that payment forgiven as the project reaches certain construction milestones.
“If you drive out to the project site, there's a big hole out there where they've already started construction,” McKinney EDC Board Chairman Brian Loughmiller said.
The $200M project will include a resort-style hotel, 100K SF of Class-A office space and retail attractions. The surf and adventure resort will feature a 4-acre surf lagoon, a rooftop pool, event venues, sandy beaches, cliff diving and a wave pool.
The 35-acre project will also include dining, retail and entertainment spaces, with developers hoping to add a skateboard park, movie theater, bowling alley and other indoor recreation.
The resort is projected to attract 300,000 visitors annually and generate more than $2B in economic impact for the local community over 20 years.
Cannon Development broke ground on the project late last year and plans to open its first phase in 2027.
The Dallas-Fort Worth metro has seen a wave of surf-oriented developments in recent years.
Experienced and novice surfers can catch a wave at Sapphire Bay's Surf Village in Rowlett or grab a bite and get in the water at The Surf Lounge at PopStroke in The Colony.
About an hour north of McKinney, developers behind a pair of multibillion-dollar resort projects on Lake Texoma aim to turn the 76,000-acre reservoir into a vacation destination, with a variety of watersports options.
The 3,100-acre Preston Harbor, centered on a Margaritaville Resort, will be on the Texas side of the lake, while the 2,700-acre Pointe Vista project and its Hard Rock Hotel will be just west of Durant, Oklahoma.
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