$35M Hotel-Conference Project Moves Ahead at Gateway Site
- Nov 19, 2012
McKinney’s new Gateway Hotel and Conference Center project is moving forward. The city council recently signed an agreement with The Beck Group and Champ Hospitality to build a three-and-a-half star, 186-room hotel and 20,000-square-foot event space on the Gateway site.
The project is expected to cost between $35 million and $38 million, with a public incentive to range between $18 million and $20.25 million, according to a news release by the city of McKinney.
The agreement states that the city, through McKinney Community Development Corp., will retain ownership of the land and own the event center. The Beck Group and Champ Hospitality will own the hotel.
The hospitality project has stood partially completed since 2008, when it was abandoned due to a two-year dispute with the former developer of a hotel/events center and retail complex on the property. Construction on the new project is expected to begin in early 2013, with an estimated completion date of December 2014, according to NBCDFW.com.
The Gateway site is a 90-acre tract of city-owned land that McKinney seeks to develop into business, retail, educational and hospitality property. About 65 acres of the 90-acre tract remain open for development.
Collin College was the first occupant at Gateway, opening its Higher Education Center in January 2010. Emerson Process Management is building a $25 million, 130,000-square-foot headquarters facility for its Regulator Technologies division on a 10-acre site at the northwest corner of the development. The project is expected to be complete by late 2013.
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