Dallas-based real estate development and alternative investment firm Creation Equity is set to move forward with a massive new mixed-use project in the metroplex.
The City of McKinney has given the green light to proceed with a $1.3 billion development at the northwest corner of U.S. 75 and the forthcoming U.S. 380 bypass. Creation Equity will partner with Horizon Capital Holdings and Vaulter on the 155-acre project.
Known as Long Branch, the development is expected to include two six-story office buildings covering 319,000 square feet, 1,600 multifamily homes, 135,000 square feet of retail, a 100-room hotel, and a six-story parking garage.
Creation Equity currently has $3.0 billion in its real estate development pipeline, with active markets in Texas, California, Nevada, Arizona, Florida, Tennessee, New York, and New Jersey.
Last year, The Dallas Express reported that Creation Equity was set to welcome tenants like Lockheed Martin to another one of its large North Texas projects, the Fort Worth Commerce Center. The development is a collection of three buildings covering over half a million square feet on 23 acres.
The firm’s founding partner, Bog Agahi, says the location of the latest project has promising growth potential.
“We actually think the demand is there today, but with what’s happening with 380 and 75, this is just like a perfectly positioned property right in between those two major U.S. highways,” said Agahi, per TheRealDeal.
Agahi is referring to the Texas Department of Transportation’s bypass project, which will construct an eight-lane freeway to support the area’s population growth.
The McKinney development is in its design stage, with infrastructure work slated to start later this year.