The JW Marriott name is coming to a suburb north of Dallas with a lazy river and millions in tax breaks.
The city of McKinney approved an incentive package worth tens of millions of dollars to support a $324 million JW Marriott resort slated for the Craig Ranch master-planned community, the Dallas Morning News reported.
The deal, approved Tuesday, includes a 75 percent reimbursement of local sales, property and hotel occupancy taxes generated by the project, with a minimum payout of $13 million and a cap of $18 million over a 12-year period. The agreement can be extended if the minimum threshold is not met.
The 8-acre site at Collin McKinney Parkway and Van Tuyl Parkway, the JW Marriott Resort McKinney Craig Ranch is slated for 45 for-sale condos, 290 hotel rooms, over 51,000 square feet of conference space, multiple restaurants and pickleball courts.Â
The developer is David Craig, who leads Craig International, which built up the surrounding Craig Ranch development that includes restaurants, entertainment, homes and the multi-building office campus McKinney Corporate Center.
The city and Craig plan to pursue more tax reimbursements via the state.Â
The developer could recoup an additional $31 million over ten years from the state’s share of hotel occupancy, sales and alcohol taxes. After that period, the city and developer would split those reimbursements 50-50, with no cap on total proceeds.
Construction on the hotel is expected to start by the end of next year, with completion targeted for April 2029.
The deal stipulates that Craig’s firm must meet financing benchmarks, conduct feasibility studies, maintain the JW Marriott branding and provide public amenities in order to qualify for the incentives.
McKinney Mayor George Fuller framed the resort as a necessary addition to support regional draws such as the Byron Nelson PGA tournament, the city’s airport expansion and the upcoming $300 million VENU Sunset Amphitheater.
The McKinney Economic Development Corporation and Community Development Corporation may also kick in additional incentives, which will be considered later this summer.
— Judah Duke
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