McKinney, Texas’ authorities approved a developer’s request to rezone one of its most commercially rich counties to allow for multifamily use for a proposed build-to-rent community of single-family homes.
The Zoning and Planning Commission approved a request by Fort Worth-based developer Continental Properties to build 104 single-family for-lease homes on 11 acres to the northeast corner of Lake Forest Drive and Collin McKinney Parkway, the Community Impact Newspaper reported.
The community would be an upscale, market-rate neighborhood featuring detached and attached homes with floor plans that range from one bedroom to four bedrooms, according to the meeting documents.
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It also will feature a resident clubhouse with a gathering room, fitness center and kitchen and office amenities; a fenced pet playground; and shared open space amenities. It also has a pool, sun deck and outdoor grilling area, and the applicant stated the units would range from 980 to 1,800 square feet.
In its letter of intent, Continental stated it was “excited … to be able to bring an upscale for-lease product to the McKinney market as a quality residential transition option for the area.”
The city of McKinney has been seeing strong investment as the north Dallas market continues to experience active growth. Morgan Properties, one of the largest apartment community owners in the country, expanded into the Dallas-Fort Worth market with the purchase of 136 detached homes in McKinney near the intersection of U.S. Highway 380 and U.S. Highway 75.
Morgan Properties has acquired more than 93,000 units across the country since its inception, and the purchase reflects how attractive the north Dallas market has proven to be for investors.
Although Continental stated in its letter of intent that it was “excited to be able to bring an upscale for-lease product to the McKinney market as a quality residential transition option for the area,” some members of the city staff noted that they could not support the rezoning request, as the project is in a commercial corner with access to major arterial roadways, according to the publication.
“[Rezoning the area] would prematurely eliminate the commercial potential that this tract may have in the future,” they said.
The vast majority commissioners did not have a problem with the rezoning, however, claiming the area was “tricky” for commercial developments with no no ingress or egress.
The project was approved by commissioners six to one, and the request will be sent to the July 21 McKinney City Council meeting with a favorable recommendation.
[Community Impact Newspaper] — James Bell