Presidium is plotting a large mixed-use project in a north Dallas suburb, putting a historic landmark at the center of the development.
The Dallas-based investment firm wants to build more than 1,200 apartment units and 200,000 square feet of office space surrounding the 113-year-old Cotton Mill near downtown McKinney, the Dallas Morning News reported.
The 28-acre project received preliminary approvals from the city of McKinney.
If it receives final approval, the firm aims to start construction on the first phase of five-to-seven story apartment buildings by next summer. Cost estimates weren’t reported.
The Cotton Mill, repurposed as an event venue and small business hub, will be enveloped by the apartments. The apartment community would offer amenities such as swimming pools, fitness centers, coworking spaces, game rooms and 27 townhome-style artist lofts, the outlet reported.
In addition to private spaces, the development is slated for 3 acres of public space with playgrounds, event areas and food truck parking. The entire project is expected to be completed in 2030.
The development could help preserve the site’s historic roots while embracing its current identity as an arts hub, said Martin Zogran of Sasaki Associates, the project planner.
“It will be a year-round draw for locals and out-of-town visitors alike,” he told the outlet.
Presidium is no stranger to ambient projects. In East Austin, the firm recently embarked on a $4 billion, 109-acre mixed-use development. Dubbed River Park, plans for the first phase call for 370 apartments, 400,000 square feet of office space and 12,000 square feet of retail.
Presidium is also building a 358-unit luxury apartment complex in Northeast Austin’s Tech Ridge Corridor. That eco-friendly project will cost an estimated $50 million, or about $140,000 per unit.