Luxury Resort Development in McKinney Receives Incentives
Incentives continue to be heaped upon a luxury resort development in McKinney. On Thursday, the McKinney Community Development Corp. agreed to a $10.25 million loan and $25 million grant for JW Marriott Resort McKinney Craig Ranch, a luxury resort planned for an eight-acre parcel at 8001 Collin McKinney Parkway.
Project Funding and Development Team
The funding the project will receive from economic development agency, totaling $35.25 million, represents nearly 11% of the project’s estimated $325 million cost. The development team for JW Marriott Resort McKinney Craig Ranch includes Ashford, an asset management company that advises real estate investment trusts focused on hospitality, as well as McKinney-based developer Craig International and Horizon Capital Partners, a real estate investor also based in McKinney.
Breakdown of Funding and Incentives
Some $25 million will be disbursed in the form of a grant, payable upon receiving a certificate of occupancy. Another $10.25 million will come as a loan when construction begins in late 2026. That’s in addition to a battery of tax incentives the project will receive from the city, including a 75% reimbursement of sales, property and hotel occupancy taxes generated at the resort up to $18 million over 12 years.
The developer could also be awarded $31 million in state hotel occupancy, sales and alcohol tax collections generated by the property, subject to approval from the Texas Comptroller. If more than $31 million is awarded by the state, the developer would split those state tax collections it receives 50-50 with the city.
Project Details and Anticipated Impact
The brunt of the development costs — $263 million — are going to the 19-story, 290-room resort hotel, which includes a resort-style pool with a lazy river, restaurants, pickleball courts and 51,575 square feet of conference space. The project also includes 45 for-sale condos, which are expected to cost $62 million to develop.
The project’s anticipated impact includes $49 million in annual taxable sales, and an increase in appraised property value from $13.96 million to $244 million. “The resort will greatly benefit the community by providing McKinney with the first true luxury resort in the area,” reads the project’s grant application.
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Conclusion
In conclusion, the JW Marriott Resort McKinney Craig Ranch is a luxury resort development that has received significant incentives from the McKinney Community Development Corp. The project is expected to have a major impact on the local economy, with anticipated annual taxable sales of $49 million and an increase in appraised property value of over $230 million. With its resort-style pool, restaurants, and conference space, this development is poised to become a major destination in the area.
Frequently Asked Questions
Q: What is the total cost of the JW Marriott Resort McKinney Craig Ranch project?
A: The total cost of the project is estimated to be $325 million.
Q: How much funding will the project receive from the economic development agency?
A: The project will receive a total of $35.25 million in funding from the economic development agency, which includes a $10.25 million loan and a $25 million grant.
Q: What tax incentives will the project receive from the city?
A: The project will receive a 75% reimbursement of sales, property and hotel occupancy taxes generated at the resort up to $18 million over 12 years.
Q: What is the anticipated impact of the project on the local economy?
A: The project is expected to generate $49 million in annual taxable sales and increase the appraised property value from $13.96 million to $244 million.
