McKinney Joint Venture, an affiliate of KOAR Institutional Advisors, a West Coast real estate firm, announced that it has successfully rezoned 62 acres of the 80 acres it acquired in the McKinney Corporate Center at Craig Ranch allowing the joint venture to embark on a mixed-use development of the site.
McKinney Joint Venture was formed to develop the 80-acre mixed-use project fronting the Sam Rayburn Tollway and continuing along Henneman Way and Weiskopf Avenue. The company recently closed on 16 acres within the Corporate Center with a financial services group, and will soon close on 4.5 acres for the future corporate headquarters of RPMx Construction.
This will be KOAR’s first mixed-use project in Texas.
The City of McKinney recently approved the rezoning of 62 acres of the McKinney Corporate Center Craig Ranch land for a mixed-use project while also adding in high-density residential, both attached and detached, and a four-acre retail component and still managing to increase the office square footage by 33 percent.
The mixed-use project includes a 2.5-acre linear park that creates connectivity from the planned resort hotel, through the core of the Corporate Center to the HUB 121 and District 121 developments that feature multiple restaurant venues facing the Sam Rayburn Tollway. The park will be developed in collaboration with the McKinney Parks and Recreation Department on land the developer is donating to the City of McKinney. The project will also extend Grand Ranch Parkway from the round-about from Henneman Way to Van Tuyl Parkway, creating additional ingress and egress from the TPC Craig Ranch and Craig Ranch Fitness Center & Spa to the Sam Rayburn Tollway.
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