Craig International to Develop 189-Acre Mixed-use Project

McKinney-based Craig International is planning to develop a 189-acre mixed-use project in Denison, positioned as a gateway to the Lake Texoma region.

The firm emerged as the winner following a competitive request for proposal process managed by the Denison Development Alliance, which approved the selection during a special meeting last week, according to the Dallas Business Journal. The project is designed to be a walkable destination with a blend of retail, entertainment, apartments and offices.

David Craig’s firm expects to close on the $12 million land purchase within about 120 days. The site is at the intersection of U.S. Highway 75 and Farm to Market Road 84, a high-traffic corridor seeing up to 60,000 vehicles daily, according to the publication.

The developer is currently targeting a major retail anchor, specifically focused on sports and outdoor recreation, to capitalize on the proximity to Lake Texoma.

“If we can land our first big land sale on the retail side, then that’ll be the catalyst that really accelerates the project,” Craig told the outlet, adding that the approach mirrors the one used at Preston Harbor to attract builders and sustained consumer interest.

The 189-acre project will serve as the “front door” to Preston Harbor, a separate $7 billion master-planned community also led by Craig International. Mehrdad Moayedi’s Centurion American is planning 1,300 homes in its initial slice of the development.

Preston Harbor spans 3,100 acres and is projected to potentially double Denison’s current population of 28,000 upon completion, according to the publication. Regional growth in the Texoma area is being propelled by substantial industrial investments, including multibillion-dollar semiconductor facilities from Texas Instruments and GlobalWafers.

Access to the development is expected to improve further with the planned Grayson County Tollway, according to recent infrastructure announcements. Craig described the location as one of the premier sites in North Texas for retailers seeking visibility on the Texas side of the lake.

Kimley-Horn was appointed civil engineer for the project, which is expected to move forward in four distinct phases. Planning and pre-development costs are estimated to reach an additional $3 million before any construction begins. Groundbreaking is tentatively scheduled for 2028, according to the outlet, though the exact timeline remains dependent on tenant demand and the finalization of the land planning process.

In addition to the Denison projects, Craig is currently advancing plans for a 290-room JW Marriott resort at Craig Ranch in McKinney. That project is targeting a construction start in late 2027 or early 2028, pending the finalization of equity and debt financing.

— Eric Weilbacher