The Presidium Cotton Mill mixed-use development is expected to generate $38M in tax revenue and a total economic impact of $933M for the City of McKinney
November 28, 2023 – Presidium, a diversified real estate development, investment and management firm, has announced that the site plan for the Presidium Cotton Mill mixed-use development has received conditional approval from the City of McKinney, Texas. Targeting to break ground in mid-2024, this ambitious project aims to combine the North Dallas suburb’s historic charm with innovative urban design, positioning the city as a premium destination for locals and visitors for years to come.
Originally established in 1910 as an iconic cotton processing and textile manufacturing facility, the architectural gem has been stewarded by The Casey Family for more than 25 years and occupies an eclectic collection of local businesses. To accommodate the exponential growth the area has been experiencing, plans for Presidium Cotton Mill will add to the recent success of the area led by the Casey Family by developing complementary infrastructure around the existing Cotton Mill. The project will span approximately 28 acres and is poised to feature approximately 200,000 square feet of Class-A office space and over 1.2 million square feet for multifamily residences.
“Taking on a project of this magnitude would be nearly impossible without the collective insight and dedication of the McKinney community, especially the Casey Family, Eastside Pastors, Parks and Recreation, and the McKinney Economic Development and Community Development Corporations,” said Josh Eames, Presidium’s President of Development. “We look forward to honoring the Cotton Mill’s legacy while laying the foundation for McKinney’s vibrant future.”
Ranging from five to seven stories in height, the four multifamily buildings will collectively bring approximately 1,200 apartment units within the next six years. With more than 9,000 square feet of amenity space per multifamily building, residents will enjoy an array of luxurious offerings, from a beach entry pool and grilling stations to state-of-the-art fitness centers, co-working spaces, game rooms, lounge areas and more. Additionally, the design includes 27 townhome-style artist lofts, which will beautifully accentuate the southern border of the development.
Notably, the project will feature roughly three acres dedicated to public space for a wide array of potential uses, including children’s playgrounds, food trucks, concerts, holiday events, antique car shows, farmer’s markets, art shows and more. Additionally, the public space is planned to incorporate retail spaces, including food and beverage establishments. This will complement the existing retail and future planned boutique hotel at the Cotton Mill building. Beyond the economic benefits, which include a projected total economic impact of $933M and a tax revenue generation of $38M for the City of McKinney, the development underscores a commitment to enhancing community life.
“The Cotton Mill plan offers a catalytic opportunity for McKinney. It promises to be a place that honors the historic roots of the site and its storied past while embracing its current role as a dynamic arts hub. The plan will bring new residents and a host of amenities from local performance areas, to family-friendly cafes and eateries. It will be a year-round draw for locals
and out-of-town visitors alike,” said the project’s master planner and public realm designer, Martin Zogran, Principal of Sasaki Associates.
“Looking forward, the vision for the Cotton Mill remains promising. The complex continues to be a symbol of McKinney’s commitment to preserving its heritage while fostering innovation, progress and creativity. With a renewed sense of purpose, The Cotton Mill stands poised to contribute to McKinney’s growth for years to come, reminding everyone of the power of rejuvenating the past to shape a vibrant and promising future,” said Chandler Casey, Manager of the McKinney Cotton Mill.
The multi-phase mixed-use development is slated to be fully complete in February 2030, with phase one consisting of a wraparound five-story multifamily building that will bring nearly 260 of the planned residential units. With a combined goal of fostering a ‘live, work, play’ environment, Provident General Contractors, O’Brien Architects, Ink & Oro and Kimley Horn will help bring the project to life.
For more information, please visit: presidiumre.com.
# # #
Founded in 2003, Presidium is a Texas-based real estate developer, owner, and operator with a 20-year operating history and an existing real estate portfolio totaling approximately $2 billion AUM. We represent a spectrum of disciplines, including acquisitions, development, property management, asset management, construction, law, finance, accounting, special servicing, and public-private partnerships. At Presidium, our mission is to craft vibrant and unique communities, deliver exceptional returns for our partners, and nurture a collaborative, supportive atmosphere for our employees. Together, we strive to make a meaningful impact on the lives we touch and the neighborhoods we enrich. For more information about Presidium, visit www.presidiumre.com.