Friday, August 21, 2015

Commercial projects adding new retail, office and apartments at McKinney’s Craig Ranch

McKinney’s Craig Ranch has completed more than $130 million in commercial real estate deals that will add new retail and office projects to the popular Collin County community.
Construction is underway on the Marketplace at Craig Ranch, a 100,000-square-foot shopping center at Custer and Stacy roads that will include a supermarket and additional retailers. Encore Enterprises Inc. has bought 20 acres for the retail center.
Development sites have also been sold for a Moviehouse & Eatery cinema near the northeast corner of Craig Ranch Parkway and State Highway 121. The theater chain is building a 10-screen, 40,000-square-foot facility on the property, which will open late this year.
There is a nearby Holiday Inn Express in the works on S.H. 121.
“We’ll have 20,000 residents in Craig Ranch in the next five years and that is attractive to retailers, multifamily developers and companies wanting to relocate,” said developer David Craig, talking about the new developments underway in the 2,200-acre community located north of S.H. 121 and east of U.S. Highway 75. “Our vision 15 years ago was to create density and increase commercial valuation which brings job growth, employees and more ad valorem taxes.”
Craig said about 10,000 people now live in the community.
“We have over 1,400 home lots under construction or about to start,” he said. “The builders are already in place.”
Craig Ranch and the City of McKinney are building McKinney Corporate Center Craig Ranch, a 137-acre office park. Barclays Bank has located an office in the project.
“Our focus now is to attract other marquee companies” Craig said. “We’ve been a finalists in several large corporate deals.”
Sewell Automotive Cos has also purchased 10.5 acres near the northwest corner of S.H. 121 and Stacy Road to build an Audi dealership in Craig Ranch. The dealership will be about 65,000 square feet and will employ 100 people.
Construction is underway on the second, 333-unit phase of Craig Ranch’s Parkside luxury apartment community at Custer and Collin-McKinney roads. Columbus Realty Partners is developing the project.
“They are buying more land for another phase of construction in September,” Craig said.
Craig bought the first land for the mixed-use community in 2000.
VanTrust Real Estate is a partner in the development.
“We are approaching $1 billion in value in Craig Ranch,” Craig said. “You would think people would realize we are truly a mixed-use community.
“But often we are just defined as residential.”
Steve Brown/Dallas Morning News