SPI Insights

The city of McKinney took a step closer to redeveloping downtown city-owned buildings as officials have agreed to release an open-ended request for qualifications to developers. The formalized document will advertise the redevelopment opportunity and is expected to be released later in June, with an August submission deadline.

With the new City Hall scheduled to open in early 2025, city staff will vacate current facilities, including the development services building and the current City Hall, leaving room for redevelopment. Two parking lots will also be redeveloped. The properties span a combined 4.6 acres and have a total appraised value of $11.2 million.

A request for qualifications will narrow the focus on developers whose skills align with community priorities. However, an open-ended option helps ensure that the redevelopment opportunity remains available for a wide range of developers.

The city has taken several months to explore options and solicit public feedback. Residents indicated preferences to maintain the existing charm and historic character of downtown, better vehicular access from State Highway 5 and more downtown parking. Citizens also identified the desire to have cultural amenities, a grocery store and features for children.

Consultant studies recommended development of an office building with retail and restaurant spaces, a 50-room hotel, a multifamily residence with 195 units, about 10,000 square feet of ground-floor retail and restaurant opportunities, and 400 parking spaces.