MCKINNEY, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Plans for a new JW Marriott Resort at Craig Ranch in McKinney have taken a major step forward.
The McKinney Community Development Corp. on July 24 unanimously approved a $10.25 million loan and a $25 million grant to help fund construction of the luxury hotel. The developer, Craig Ranch Luxury Hotel SPE Owner LP, will also seek additional financing from private investors and a senior loan lender.
The grant will be issued once the hotel receives a certificate of occupancy, while the loan will be distributed at the start of construction.
Plans for the hotel were revealed earlier this summer. It would be located at the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway, within the huge neighborhood Craig Ranch that includes thousands of homes as well as TPC Craig Ranch, a championship golf course that hosts the annual CJ Cup Byron Nelson PGA Tour stop. The developer purchased the 8-acre site in April for $12.6 million.
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