Dallas-based real estate firm Presidium Group LLC is finalizing plans to revamp the area around McKinney’s historic cotton mill into a mixed-use development, featuring apartments, offices and retail space. It intends to begin construction on the site sometime mid-2024.

The estimated $750 million project has been in the works for quite some time and has come before the city multiple times in recent months. In a July meeting, McKinney city officials gave the builder the green light on its plans to “bring new life” to the east side of State Highway 5, near the city’s downtown, said Josh Eames, Presidium’s president of development. A growing arts and small business hub, historic downtown McKinney is home to a variety of local shops, boutiques, art galleries and antique stores, as well as a more than century-old cotton mill.

“We foresee the cotton mill redevelopment being a complement to downtown,” Eames said, adding he hopes the site attracts locals as well as out-of-towners and allows them to experience the area’s nostalgic charm.

Plans for the 28-acre development call for 200,000 square feet of offices and four apartment buildings for a total of 1,200 units. Space for retail, including eateries and cafes, are also in the blueprints for the mixed-use complex.

The city’s old cotton mill once operated as a cotton processing and textile manufacturing facility, dating back to 1910. The landmark buildings have been owned by the Casey family since 1996, and Presidium collaborated with the mill owners to transform the area, which now houses a number of local businesses and some food trucks.

“We’ve been trying to rebrand our whole image from being the dusty cotton mill that it looks like from the outside, to a thriving arts and creative community that we have here,” said Chandler Casey, manager of the family-operated mill.

The project could bring 1,200 apartments, 200,000 square feet of offices and retail space to the Collin County suburb.

Casey said he hopes Presidium’s redevelopment brings back the mill as the focal point in the community and that it aligns with East McKinney’s slogan as a “live, work, play” neighborhood.

The Presidium Cotton Mill project also likely represents one of the city’s biggest residential developments in recent years, said McKinney City Council Member Justin Beller, who voted to approve the site that is located in his district.

Not only will the project provide economic incentives to local businesses, the new apartments will also provide a significant supply of housing for residents who increasingly want to stay in the area, Beller said.

“I think both of those things are great for our city,” he said. “There are a lot of businesses in East McKinney that are going to love having that many new customers.”

Cost estimates for the development are projected to be around $750 million, depending on future construction costs, Eames said. The project is also expected to generate more than $930 million in total economic impact and $38 million in tax revenue for McKinney, according to Presidium.

Each apartment building will also feature 9,000 square feet in amenities, including swimming pools, fitness centers, coworking spaces as well as lounge and game rooms for residents. As part of expanding the city’s art scene, developers also intend to build 27 townhome-style artist lofts.

“Art has been a big inspiration for this entire process,” Eames said. “We know that the cotton mill itself hosts a number of artists and creators, and we want to continue that with our development.”

In addition to residences and office spaces, the development will also include three acres of public space for playgrounds, food trucks and art shows.

The multiphase development is expected to be complete by 2030, with apartments expected to open within the next six years.

Presidium was founded in 2003, owning more than 50 multifamily, student housing and retail spaces across the country. In North Texas, the builder owns seven commercial properties and three land sites, with two developments in Farmers Branch and Frisco currently underway.

Editor’s note: This story has been updated with more information about Presidium’s North Texas portfolio.

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