Developer to ask McKinney CDC for $4 million infrastructure grant for Cannon Beach mixed‑use project

MEDC staff gave a progress update on Cannon Beach, a proposed mixed‑use development centered on a water feature and amphitheater that staff said would include a resort hotel, offices, restaurants and public amenities.

The presentation said phase one covers about 34.5 acres and that an optional phase two could add roughly 23.5 acres to the east. Staff described the developer’s letter of intent as executed and said final agreements and design plans are being completed.

MEDC staff said the developer, identified in the meeting as Cole Cannon, will appear before the McKinney Community Development Corporation (MCDC) on Thursday to request a $4,000,000 infrastructure grant. According to staff, the grant would be paid at completion of the CERF lot (the public‑usable portion of the development) and other incentive details and a joint meeting with the MEDC and City Council will be scheduled in February to consider the remainder of the incentive package.

Staff highlighted economic assumptions in the board packet and presentation: a projected private investment of about $200 million, roughly 700 full‑ and part‑time jobs associated with the development, and an annual visitation estimate of about 300,000 people. Staff also noted public interest metrics: the initial public announcement generated about 44,100 impressions in the first 30 days, which staff said was substantially higher than the city's prior Venue announcement.

"We will have a joint meeting with MEDC and City Council. We're looking for February," the presenter said when describing the anticipated timeline for incentive discussion. Staff asked board members to note that the $4,000,000 request would be considered by the CDC in their public meeting Thursday, and no MEDC vote was requested on Jan. 21.