Lincoln Property Company, Inc. has notified the City of McKinney that it cannot proceed under the terms and conditions set forth in the Master Development Agreement entered into with the city. It has withdrawn from the agreement to serve as the master developer for the approximately 57 acres at the Gateway site surrounding the current anchor owners, such as Emerson Process Management.
Located at what many refer to as the “gateway” to McKinney, the Gateway site is one of the most visible development sites in McKinney located at the heavily-traveled interchange of the Sam Rayburn Tollway and U.S. 75. Collin College was the first occupant at Gateway, opening the Higher Education Center in January 2010. Emerson Process Management followed by moving the world headquarters of its Regulator Technologies business to the Gateway site in 2013. The Sheraton Hotel and Conference Center opened at Gateway in February 2015. These anchor properties occupy approximately 33 acres of the 90-acre site. The approximately 57 acres surrounding these anchor owner sites is intended to be a mixed-use development including restaurants and office space.
In concert with the McKinney Economic Development Corporation, which owns the land, the city determined the primary developer. Following an RFP and selection process, a master development agreement was signed with Lincoln Property Company, Inc. on May 14, 2015. According to the terms of the agreement, Lincoln had to acquire the first parcel by executing a purchase agreement by February 16, 2016 in order to continue as the master developer.
“We are disappointed that Lincoln has withdrawn from this important economic development project,” said Mayor Brian Loughmiller. “This is a development site that has been years in the making and we remain committed to bringing a robust master development for this highly visible and important Gateway site to our community. The city, MEDC and the MCDC will be exploring next steps for Gateway very soon.”