A hotel developer hopes to secure a loan and grant from the McKinney Community Development Corporation for a $325 million hotel. Ashford, an asset management company in the hospitality sector, is listed in the application. The company is seeking a $10.25 million MCDC loan and a $25 million MCDC grant. The McKinney Community Development Corp. is set to vote on the matter later this month related to the construction of the JW Marriott Resort at Craig Ranch.
The Dallas Business Journal reports that if approved, the funds will cover more than 10% of the total project costs. The McKinney City Council approved an economic development agreement for the project. Under that agreement, the developer is also eligible to receive between $13 million and $18 million in reimbursements from sales taxes, property taxes and hotel occupancy taxes.
The new JW Marriott will feature 290 rooms, a 51,575-square-foot conference center, a resort-style pool with lazy river, restaurants and pickleball courts, plus 45 for-sale condos.
The post McKinney to Vote on Incentives for $325M Hotel appeared first on Connect CRE.
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