10/11

Craig Ranch – Robust Development at It’s Best

Craig Ranch is a 2,200 acre, mixed-use development whose genesis take us back to the year 2000 when 1000-plus acres of Texas landscape was acquired to initiate construction for this site.  Getting near to build-out, Craig Ranch radiates from Custer Road to Stacy Road, and north to Silverado Trail.

 

The development within Craig Ranch is, as follows:

 

***  Residential Space:  1,287 acres built//55 acres sold but undeveloped//20 acres for sale

 

***  Medical Space:  6 acres built//no acreage left for development//32 acres for sale

 

***  Office Space:  42 acres built//29 acres sold but undeveloped//110 acres for sale

 

***  Retail Space:  49 acres built//48 acres sold but undeveloped//45 acres for sale

 

***  Entertainment+Church+Schools+Hotels:  271 acres built//16 acres sold but undeveloped//8 acres for sale

 

The remaining 182 acres will be utilized for parks and open space.

 

These figures come from David Craig who is the master developer of Craig Ranch; and he believes the development is expected to sell its remaining parcels of land in 2018.  Chief Operating Officer for Craig Ranch, Miles Prestemon, says as of late September, Craig Ranch had 14 parcels of land available for purchase which are zoned for office, commercial retail and urban core and corporate-center spaces.

 

Mr Craig states:  “My guesstimation would be it’s possible there could be several sites that aren’t built on, in five years.  But for the most part, (Craig Ranch) is developed out within five years; and that means, built on and occupied.  We are fortunate to be in the geographical location we’re in because of the proximity of the location to Legacy (West and business park); and Legacy has been so successful.  And, right about now, there are no sites that can be bought there, so there’s a natural migration to (SH 121 to Craig Ranch).”

 

Impressive Expansion is in the Works

Currently, one will find 4,000 individuals employed at Craig Ranch; and that number might seem small when one considers an expected expansion of employees to increase to a minimum of 20,000!  Methodist McKinney Hospital has plans to open its new Methodist Craig Ranch Surgery Center, here, in November of 2017Additionally, Independent Bank’s new $52 million headquarters will reside at the McKinney Corporate Center.  Construction of the headquarters’ 6-story building will begin spring of 2018 and open the following year; and about 400 new jobs will be added over the course of the next five years.

 

Mr. Craig tells us more corporations are expected to follow as well as retail and restaurant spaces, residential lots and apartments.  Some of these spaces are under development while others are in the early stages of development.  Artistry, at Craig Ranch, will be a 163-unit apartment complex that will cater to seniors, 62 years and over.  Completion for this addition is anticipated for mid-October at 6370 Piper Glen Road.

 

Two of the four baseball fields will be redeveloped at Craig Ranch:  The Dr. Pepper StarCenter, at 6993 Stars Avenue, will expand south onto two of the baseball fields and will add about 46,000 square feet to its facility.  This will include an ice rink with a whopping 1,800 seats as well as additional parking and locker rooms.  Mr. Craig shares his excitement when he states that Craig Ranch brings resort-style living that is self-sustainable with a true mix of uses, not vertically, but horizontally, where a tremendous tax-base and quality of life has been created.

 

Hub 121 and Other Venues

Hub 121 developer, Shane Jordan, shares some interesting insight.  To begin with, he tells us that Hub 121 will incorporate a mix of office space and restaurant and retail venues at the corner of SH 121 and Alma Road.  Hub 121’s initial phase will include 60,000 square feet of retail and restaurant space; and ground-breaking for this portion of the plan should take place by the end of January 2018.  Mr. Jordan says Hub 121 will, also, include urban housing offices, a hospitality component, a pavilion area, and a stage for entertainment options such as live music and family-movie nights.

 

All this anticipated expansion creates a lot of excitement when one, also, becomes aware of another biggie to the site:  Craig Ranch Resort & Conference Center.  This coveted addition will include a 285-room hotel with the conference center taking up 33,000 square feet.  It will be located on an 8-acre site at the corner of Collin McKinney Parkway and Weiskopf Avenue, and is expected to open in March 2020.  The hotel, says Mr. Craig, will bring many of the amenities required by corporate America:  meeting spaces, dining and overnight stays on campus.  And one cannot forget, current, key amenities to be enjoyed:  the golf course, Craig Ranch Fitness and Spa, the Michael Johnson Performance Training Center, baseball fields and the McKinney Premier soccer fields.

 

Lastly, the financial aspect cannot be overstated since, during the first year of operation, the hotel should generate more than $350,000 in tax revenue for the city.  The city expects to collect more than $2 million each year via sales, property and hotel-occupancy taxes – this, according to a city presentation at the City Council meeting of May 2.

 

Craig Ranch:  ongoing development and anticipation, all rolled up in one exciting package!

 

Brandon Jones

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