Rendering of Watermere at McKinney at 3351 Virginia Parkway in McKinney and Integrated Real Estate Group’s Paul Milosevich (Integrated Real Estate Group)
Southlake developer Integrated Real Estate Group is about to build a high-end senior living community in McKinney just north of Dallas — virtually across the street from another one.
The 366,000-square-foot development called Watermere at McKinney will be at 3351 Virginia Parkway, barely 400 feet the site of another luxury senior living community under construction, The Touchmark at Emerald Lake. The Watermere will cost an estimated $42 million to construct and should open sometime in 2023, according to a filing with the Texas Department of Licensing and Regulation. The Touchmark community is being built on 70-acres and is set to open next year as well.
Watermere will include a 225 unit building, plus seven single-story villas, as well as a fitness center and indoor pool.
The development is being built on the corner Hardin Boulevard and Virginia Parkway near Bonnie Wenk Park and across the street from a Wal-Mart. The land is zoned for commercial use but the developers received a special-use permit in February to allow for residential development — despite some local opposition.
Several McKinney residents spoke out against the project at city meetings, complaining that two large senior living communities were not needed so close together and would add excessive traffic to the area.
But Paul Milosevich, chief investment officer with Integrated, countered that a commercial development would generate far more traffic and noise compared to a senior community. He also explained that Watermere would cater to a different clientele than the luxury-style, all-inclusive Touchmark project because it will allow residents to customize services to fit their budget.
The McKinney City Council unanimously approved the special-use permit back in February.
Since the company began in 2003, Integrated Real Estate Group has developed around 15,000 rental units across the South Central U.S. for the general market and seniors. The company has four independent living properties, two assisted living communities and seven multifamily residential properties across DFW.
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