McKINNEY (Feb. 17, 2016) — Columbus Realty Partners, Ltd. and the City of McKinney have signed a binding Master Development Agreement for the construction of a mixed-use development on the city’s nine-acre property that formerly was the home of the Collin County Courthouse, located at the southwest corner of Davis Street and McDonald Street (State Highway 5).
“We are excited about the commitment of Robert Shaw and Columbus Realty to develop this site in harmony with our historic downtown,” said Mayor Brian Loughmiller. “The proposed mixed-use development will be another step in bringing to life the town center study and will add to the diversity of development in our city. McKinney is one of the best places to live in America in part due to the emphasis on maintaining a vibrant downtown. Development of this site will be a valuable extension of our historic square.”
Columbus has worked with city staff to develop a concept plan for the redevelopment of the city’s nine-acre parcel of land that includes new multi-family residential, commercial and office uses in a compact urban and pedestrian-oriented design. Columbus is planning to include the following elements within the development:
- 320 multi-family, residential dwelling units (including not less than 320 private parking spaces in a structured parking garage)
- 319 public parking spaces (on-street and in a structured parking garage) with an additional 125 parking spaces available on nights / weekends (to be constructed in the second phase)
- 45,000 square feet of space for office use
- 20,000 square feet of space for retail, restaurant or similar use
- First phase of the development provides a mix of retail and multi-family residential use and includes the construction/extension of two public streets
- Includes financial incentives to the developer based on Columbus’ satisfaction of performance criteria
Per the agreement, Columbus Realty Partners, Ltd. will hold a public presentation of design concepts this spring. Under the agreement for the project, construction would start no later than January 2017.
McKinney, Texas, is unique by nature. The city is No. 1 on America’s Best Places to Live list published by Money Magazine. As one of the fastest-growing cities in the United States, McKinney has a current population of nearly 162,000. Established in 1848, the city is located 30 miles north of Dallas and is the county seat of Collin County. McKinney offers award-winning schools, a vibrant historic downtown, diverse housing options, a robust economy and a uniquely beautiful natural setting, with rolling hills and lush trees. Visit the city’s website at mckinneytexas.org.