A master planned development that will add thousands of new homes, apartments and commercial space is making its way through the city of McKinney.
On Tuesday, McKinney’s City Council will vote on plans to rezone a 786-acre property on the city’s northwest side, immediately east of Prosper.
A successful bid to rezone the property will bring the developer, Dallas-based Billingsley Co., closer to beginning construction on the development, called Huntington Park.
Plans show 375 acres earmarked for single-family homes, 92 acres for apartments, 175 acres for commercial development, and the rest of the property for open spaces, floodplain and new roads.
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When the plans cleared the McKinney Planning and Zoning Commission in April, Billingsley Company partner Lucy Billingsley said the property would generate $2 billion in value.
She said the taxes for the city of McKinney at full buildout would be $9 million yearly, with the full tax value projected to be around $41 million yearly.
The developer plans to put 40-, 50- and 60-foot-wide home lots on the parcels zoned for single-family uses.
The community will also include around 20 acres of brownstone-style townhome apartments, and another estimated 70 acres for traditional apartments.
Pickleball courts as well as other amenities, including retail developments, are also planned for Huntington Park.
“If we build the amenities, the corporations will come, and the residents will come,” Billingsley told the commission in April.
She noted demand for housing in the area was self-evident. The developer has owned the property since at least 2008, according to Collin County records.
It noted it was waiting for the right moment to begin development.
“We believe the single-family market is going to be very strong. It’s proven — we’re almost going to be infill,” she said.
Multifamily site plans at Huntington Park cannot be submitted until certain regulatory triggers are met, including the completion and operation of 12 acres of commercial development near Stonebridge Drive and Bloomdale Road.
Additionally, either the portion of the U.S. 380 bypass construction running through the development must already be under construction, or 100 acres of single-family homes must be underway in the area before multifamily development can begin.
The company noted the bypass cutting through its property was an impetus behind the bid to rezone for higher density and commercial uses.
Waiting for the regulatory triggers will also help ensure infrastructure is ready before multifamily development can begin, and that commercial activity will help drive demand in the area.
“For us, as a business, the most important amenity we can give anyone is retail, because office wants to be next to it, residential wants to be next to it. So, it’s retail and parks,” Billingsley said. “But the place that is most significant for us in the end is office.”
