The Celina Economic Development Corporation has secured a major plot of land with possible plans to create a mix-use space with hotels, retail, and more.
Celina’s EDC acquired a roughly 32-acre site near the city’s historic downtown square for approximately $13 million, the Dallas Morning News reported.
The land was sold to Celina’s EDC by the Martinek family, who have long operated grain elevators, warehouses, and feed stores throughout North Texas.The family maintains a five-year lease for six acres on the north side of the property where they operate silos and office space. Once that period ends, the full site can be developed, according to Anthony Satarino, Celina EDC’s executive director of economic development.
Frisco-based REX Real Estate’s Caleb Lavey handled negotiations for the Martinek Family, while Specialty Land Services’ Buddy Minett handled negotiations for Celina. This marks Celina EDC’s first land purchase, which was funded through the city’s half-cent sales tax.
The tract is one of the last large parcels adjacent to downtown, and city officials see it as pivotal for future growth. Possibilities for development include a mix of park space, boutique hotels, entertainment venues, and retail.
“This will really be the entrance into our inner downtown, leading to our future and current entertainment district as it expands,” Celina Mayor Ryan Tubbs said. “We see it as a crucial piece.”
One major component of the plan is the integration of the newly acquired land with the planned Ousley Park, a 30-acre linear park and trail system. The site, which has a creek system running through both the new land and Ousley Park, will feature walking and biking trails that connect to Sunset Boulevard.
While planning and preparation could take more than two years, the city and the EDC have said they are committed to seeking public input. A public-private partnership model will guide the development, with the city choosing one or more developers to bring the project to friution.
“What we will really be looking at is a public-private partnership and either choosing one developer or multiple developers to partner with,” Satarino said.
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