MCKINNEY, Texas–(BUSINESS WIRE)–McKinney Joint Venture, an affiliate of KOAR Institutional Advisors, a West Coast real estate firm, has announced today 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.
“KOAR Institutional Advisors’ investment and vision for this site complements and further establishes the McKinney Corporate Center Craig Ranch as a prominent destination in North Texas”
“The possibilities for this project have grown exponentially since we first started looking at it 24 months ago,” said Laurent Opman, Principal of KOAR Institutional Advisors and General Partner of McKinney Joint Venture. “McKinney Corporate Center Craig Ranch checked all the boxes for us. It is in a key growth corridor, in close proximity to major airports and the roof tops and office density are there to sustain a vibrant mixed-use development.”
This will be KOAR’s first mixed-use project in Texas. The firm, which has completed $2.6 billion of real estate transactions, is known for blockbuster deals in California like the Schrader Hotel in Hollywood and the $145 million Solair Wilshire mixed-use tower in Los Angeles.
The City of McKinney recently approved the rezoning of 62 acres of the McKinney Corporate Center Craig Ranch land for a mixed-use project, increasing the projected economic impact of the project from $199 million to $366 million 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.
“KOAR Institutional Advisors’ investment and vision for this site complements and further establishes the McKinney Corporate Center Craig Ranch as a prominent destination in North Texas,” said McKinney Mayor George Fuller. “We are excited to have such a valued partner investing in our community.”
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.
McKinney Joint Venture has also partnered with nationally renowned office developer, KDC, for the pursuit of build-to-suit opportunities in the Corporate Center. The Dallas developer recently completed the four-story, 100,000 square foot, Class A office building for SRS Distribution’s corporate headquarters in Craig Ranch. KDC also developed the first phase of the Independent Financial corporate headquarters, a six-story, 160,000 square foot, Class A office building located within the McKinney Corporate Center Craig Ranch.
Craig International’s CEO David Craig, and COO, Miles Prestemon, have been engaged by McKinney Joint Venture to manage and oversee development for the project. James Craig, President of Craig International, has the exclusive listing for the Corporate Center land owned by McKinney Joint Venture and is brokering the aforementioned transactions.