Flexibility was the key word during two presentation made to McKinney City Council and McKinney Economic Development Corporation on Monday night during a group work session. Two companies made conceptual site presentations for the 90 remaining acres that surround the proposed Sheraton Hotel and Conference Center at the northeast intersection of US 75 and the Sam Rayburn Tollway.
Dallas-based Lincoln Properties and Wallace and Bajjali Dev. Partner, LP, headquartered in Sugar Land, Texas, each presented concepts portraying ideas for developing the property. Both companies stressed that the proposals were conceptual in nature and are flexible enough to accommodate changes in the market.
Jim Wehemeir, President and CEO of McKinney Economic Development Corp., (MEDC) said he has been working closely with a variety of companies and that he feels both companies are capable of producing a quality development.
Mayor Loughmiller emphasized that a unique collaborative effort will be required to complete the development project. “The MEDC and MCDC are both involved, as are council and planning and zoning involved in planning,” the Mayor said.
Mayor Pro Tem Travis Ussery commented that he feels that flexibility to the proposals is important.
“I hope there will be some flexibility with the corporate centers. I hate to see us compete against ourselves given the corporate center in Craig Ranch,” Ussery said.
MEDC owns the majority of the property at the site and the McKinney Community Dev. Corp. (MDCD) has invested in the Sheraton Hotel and Conference center, contributing some $6.5 million to the project.
Proposal by Lincoln Properties:
- Intends to gather input on direction of the development from the city.
- Master plan will include office, high density residential and retail.
- Eight-story or larger building concept a possibility at the southern corner of the property.
- 530, 000 square feet of office, 26 acres of corporate space, including parking garages.
- Small percentage of retail and restaurant space, about 90 thousand square feet.
- Incorporates a multifamily project that would be approximately 300 unites and include a central parking garage behind Collin college.
- The development would be anchored by an urban park, which could be used for civic events. The park would be surrounded by retail shops and would feature a major boulevard connecting the northern and southern points of the property.
Wallace and Bajjali – “Uptown McKinney”
Wallace and Bajjali also presented a concept featuring a mixed use plan which includes:
- 200,000 square feet of retail, 80 percent restaurant and 20 percent retail.
- 400,000 square feet of office space.
- Multiple parking garages would be part of the project.
- A 15,000 square foot entertainment venue featuring an outdoor stage. The privately owned entertainment space could hold 10 to 15 thousand people at an event.
- Lofts are proposed for the top floors of the retail space.
- The company fosters public private partnerships, which eliminates any potential development or leasing conflict of interest and eliminates all performance risk to the city
- The developer has pledged to build an educational science discovery center with a portion of their share of the revenue from the project.
- The development could be completed within a five year period, assuming market conditions cooperate.
According to Wallace & Bajjali, the economic impact of the Gateway Development to McKinney would be approximately $5.6 billion and an additional 3000 jobs in the area. The company has already met with stakeholders, including Emerson, Collin College and Champ and Beck of Gateway Hotel and Convention Center, to gather input on the potential development.
Wehemeir said he will follow up the presentations with a request for proposals to the companies.