Surrounding Developments Call for Multifamily Housing

Central Park at Craig Ranch will consist of 269 units.

McKINNEY, TX—With new development aplenty and many corporate relocations in the works, a multifamily property duo seem to be just the ticket to absorb some of the ensuing housing demand. The class-A properties are to be built on 9.3 acres of land, which was purchased for an undisclosed amount. SWBC Real Estate LLC plans to break ground on the project in fourth quarter 2016 and will develop the site in two separate phases. At total build-out, the site is projected to contain 550 total units. The first phase will be named Central Park at Craig Ranch and will consist of 269 units. It will be located within the 2,200-acre Craig Ranch master planned community, on the north side of State Highway 121, also known as the Sam Rayburn Tollway. The community is situated equal distance between Texas State Highway 75 (Central Expressway) and the Dallas North Tollway. Central Park at Craig Ranch will also be located just to the east of Frisco’s $5 Billion Mile . This consists of four new developments: The Star in Frisco (the soon-to-be home of the Dallas Cowboys headquarters and practice facility), Frisco Station , The Gate and Wade Park . The total construction of these four new projects is estimated to be just more than $5 billion. A number of companies have recently announced relocations of corporate campuses to the area with an estimated 40,000 new jobs within approximately 5 miles of the project. “We are very excited about the opportunity to develop these two new multifamily properties within the Craig Ranch,” said Terry W. Gwin , president of SWBC Real Estate. “The North Texas population is rapidly increasing as the new construction within a 5-mile radius of our site is currently the largest real estate development area in the state of Texas.” Central Park at Craig Ranch will be comprised of one-, two-, and three-bedroom units. Tenants will have access to a clubhouse with a community business center, an attached parking garage, a 24-hour fitness center, a pool and spa with sunning desks and Wi-Fi, outdoor gathering areas, grills and fire pits. The units will consist of 10-foot ceilings, granite countertops, stainless steel appliances and washer/dryer hook-ups. Stuart P. Smith , SWBC Real Estate senior vice president tells GlobeSt.com: “We are excited about our newest development in the Craig Ranch. The Craig Ranch is a first-class community which is continually growing with new residential and commercial developments. In addition to the growth of the Craig Ranch, we are positioned to take advantage of the new jobs coming to the area, specifically to the Legacy West and $5 Billion Mile developments which are located about five minutes from our site.” Along with the amenities developed specifically for the complex, the tenants at Central Park at Craig Ranch can take advantage of the surrounding amenities such as the Cooper Fitness Center, the Craig Ranch ballfields, the Michael Johnson training facility, the TPC 18-hole golf course , a community dog park, and 350 acres of green space consisting of hiking and biking trails. The architect for the project is locally based Cross Architects and the engineering firm is Stantec (formerly Bury). The general contractor for the project will be SWBC Builders LLC . Financing of the project is provided by American National Insurance Company .