McKinney, Texas – Anticipating the dawn of a new era in affordable living, the McKinney Housing Finance Corporation in a novel collaboration with Palladium USA International, has its sights firmly set on launching a noteworthy and highly affordable housing project at 2656 Virginia Parkway.
A multifaceted initiative, the project’s focus is the creation of Class A residential units catering to a diverse demographic spectrum, including families, gainfully employed professionals, and seniors. As per details divulged during a McKinney City Council presentation on June 6, these units will adhere to an income-centric rent model, where rental prices will be capped at 60% of the area’s median income.
The ambitious project envisions a diverse array of 172 rental accommodations, which span one-bedroom, two-bedroom, and three-bedroom units. Beyond mere accommodation, the blueprint for the development extends to an ensemble of amenities, including a resort-style pool with pavilion, dedicated play areas for children, a state-of-the-art business center, a fitness center, and more. The overall financial projection for this expansive venture hovers around a substantial sum of $45 million.
The roots of this initiative can be traced back to spring of 2022, when the seed of a prospective affordable housing public-private partnership was sown and subsequently garnered approval from the McKinney City Council. It was during this period that an initial request for qualifications was submitted and accepted.
In the initial phase of this endeavor, Atlantic Pacific Communities was chosen to co-develop the project. However, an unforeseen stumbling block arose when this organization did not receive an allocation of bonds for the year 2023. Consequently, they found themselves in a position of inability to proceed with the development, according to Cristel Todd, the city’s Affordable Housing Administrator.
Fast forward to January of this year, the MHFC, maintaining its commitment to the project, sanctioned negotiations with a new collaborator, Palladium USA International, as revealed by Todd. These negotiations culminated in the MHFC board’s approval of a draft memorandum of understanding with Palladium USA International on May 12. The aforementioned memorandum was formally presented to the city council earlier this week.
“It’s a great development that’s going to be up and now,” Todd said. “Had we waited with our current developer that we can still work with in the future, it would be five years before we’d have a development in place with additional affordable housing units.”
The discussion was an update item on the city council agenda for a June 6 special meeting. There were no questions or comments from the city council on the item.
See the full discussion at mckinneytx.new.swagit.com/videos/233218?place=holder&Mode2=Video.