In a pivotal meeting held on June 26, 2025, the McKinney Community Development Corporation (MCDC) discussed the ambitious plans for a luxury hotel that promises to reshape the economic landscape of McKinney, Texas. The proposed JW Marriott Resort, projected to cost $325 million, is set to be the first luxury hotel in North Texas, a significant milestone for the city.

As the meeting unfolded, developers outlined the financial framework supporting the project, including a $10.25 million loan from the city, which would be funded at the start of construction in December 2026. This loan is expected to carry an interest rate aligned with the current federal funds rate, currently at 4.3%. Additionally, a $25 million grant would be provided upon the hotel’s completion, anticipated by April 2029.

The financial discussions highlighted a 50-50 split of state tax incentives, potentially adding over $31 million to the city’s coffers. The project is expected to generate more than $2.5 million annually in additional tax revenue, alongside ancillary benefits such as a Lazy River Water Park and a conference facility that could attract larger events to the area.

However, the meeting was not without contention. A key point of debate revolved around the repayment terms of the loan, particularly concerning the sale of condominium units within the hotel complex. Developers argued that the loan should not be tied to the proceeds from these sales, emphasizing that the repayment should occur only upon the sale of the hotel or after refinancing the construction loan. This point sparked discussions among board members about the fairness of requiring repayment from condo sales, which could occur before the hotel’s operational cash flow stabilizes.

David Craig, a key developer involved in the project, passionately recounted the long journey to bring a luxury hotel to McKinney, citing previous attempts that fell through due to economic downturns. He expressed optimism that this project would not only enhance the city’s profile but also solidify its status as a destination for tourism and business.

As the meeting concluded, board members were left to ponder the implications of the proposed terms and the potential economic boost the JW Marriott could bring to McKinney. The discussions underscored a broader vision for the city, one that seeks to blend luxury accommodations with community development, setting the stage for a new chapter in McKinney’s growth story.