MCKINNEY, Texas–(BUSINESS WIRE)–Craig International unveiled plans today for its District 121 mixed-use development, located at the northeast corner of State Highway 121 and Alma Road adjacent to Craig Ranch. The $250 million project, which is on 17.85 acres adjacent to Craig Ranch and anchored by Kaizen Development’s 200,000 square-foot, Class A, eight-story office tower, will be a destination retail, corporate and restaurant development that includes approximately 40,000 square feet of retail and 520,000 square feet of office, along with other uses such as a hotel.
“We’ve spent the last year on economic studies and reworking the site plan to make sure this dynamic dining and entertainment destination is viable,” said David Craig, CEO of Craig International, who is developing the project with partner Miles Prestemon and property owner Dr. Baber Younas. “There were a lot of moving parts that needed to line up for District 121 to be a success. I’m grateful for the partnership with the City, the McKinney Economic Development Corporation, McKinney Community Development Corporation, Kaizen and the adjacent property owners who helped this all come together.”
District 121 will focus on corporate headquarters and daytime employment. There is no residential component, which allows more density for the retail and entertainment options.
Phase One of District 121, which will open spring of next year, will include Kaizen’s office building, .7 of an acre detailed designed green space called The Commons, surrounded by 40,000 square feet of retail and patio restaurants and an 800-space parking garage.
“The City’s vision to be the preeminent choice for corporate relocations is coming to fruition,” said McKinney Mayor George Fuller. “District 121 has been planned to incorporate the density required for sustainable retail, restaurant and entertainment amenities, and it is that environment that attracts today’s large corporate tenants.”
“We see District 121 and adjacent Hub121 as complementary to each other,” said Craig. “There are 7,000 people here in a two-block walk radius—the only place in the Metroplex with that level of built-in sustainability. This whole entertainment district will feed off of each other and both will be extremely successful. We’re seeing unprecedented growth in this area and the Blue Diamond Corridor is rapidly developing into one of the most desirable markets in the metroplex.”
District 121 received a $2 million grant last year from the McKinney Community Development Corporation for The Commons, which will feature a dynamic open space design incorporating both hardscape and landscape, stage with large LED screen and sound system, as well as highly desired patio space and areas for outdoor gas fire pits and lawn games such as bocce ball and cornhole.
“We look for projects that create destination entertainment and retail opportunities and District 121 definitely fits that criteria,” said Cindy Schneible, President of McKinney Corporate Development Corporation. “The Commons will be a vibrant gathering place for our residents as well as the local workforce.”
Thomas Glendenning and Landry Kemp of Shop Companies are leasing the retail and restaurant spaces for District 121 and James Craig, President of Craig International, is the listing Broker.