A forthcoming JW Marriott in McKinney is looking to secure support from the city for the project’s construction.
Craig Ranch Luxury Hotel SPE Owner LP, the developer on the project, is seeking a $10.25 million loan and a $25 million grant from the McKinney Community Development Corp. (MCDC). If successful, the funds would cover over 10% of the project’s $325 million cost.
News of the potential incentives follows the McKinney City Council’s approval in June of an economic development agreement for the hotel. Under that agreement, the developer could also see upwards of $18 million in reimbursements from various taxes.
The new Marriott is being constructed at the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway. It will be located within the Craig Ranch neighborhood, home to the championship golf course, TPC Craig Ranch.
Earlier this year, TPC Craig Ranch hosted the annual CJ Cup Byron Nelson, a prestigious four-round tournament with a total purse of nearly $10 million, as reported by The Dallas Express at the time.
The new hotel will boast 290 rooms, a massive pool with a lazy river, restaurants, and an over 50,000-square-foot conference room. The JW Marriott will also feature 45 condominiums for sale.
The JW Marriott at Craig Ranch is the chain’s second hotel in Dallas-Fort Worth, following the first in Dallas’ Arts District.