The Colony OKs 31‑acre land conveyance to LMG Ventures for Costco project in Grandscape area

The Colony City Council voted to approve a grant by special warranty deed conveying about 1,365,123 square feet (about 31.3389 acres) from the Colony Local Development Corporation to LMG Ventures LLC to facilitate a planned Costco wholesale store in the Grandscape area.

Jeremy Marino, who presented the item, said the goal is to record the transfer promptly so the parcel “will be actually in Costco’s hands on the November 13 so they can start getting rolling on that project.” Marino described the lot as the north/south tract adjacent to the BNSF railroad and said staff have already been coordinating grading, permits and civil plans with Costco’s team. He noted easements with the City of Plano and other utilities must be finalized; the city’s water agreement with Plano is set for Plano’s approval on Nov. 10, which staff said will help clear remaining steps.

Marino said the city’s preliminary schedule aims for a mid‑2026 opening window, noting an aggressive developer timeline that could target July with September as a backstop. Council moved, seconded and approved the land conveyance; the motion passed and staff said the deed would be recorded as soon as practical.

Staff said the action is intended to put the property back on the tax roll and generate revenue from the development. No additional conditions or financial incentives were recorded in the council discussion excerpt; required easements and utility approvals remain outstanding and were described as dependencies before full construction activity begins.