Title
Conduct a Public Hearing and Consider/Discuss/Act on a Project Grant Application Submitted by Hub Partners, LLC (21-01) in the Amount of Two Million Six Hundred Thousand and No/100 Dollars ($2,600,000.00) for the Development and Construction of The Hub, a Minimum Four-acre Privately-Owned and Maintained, Publicly Accessible, Open Space and Landscaped Area, Including But Not Limited to a Stage with LED Screen, Outdoor Seating, Tables, Umbrellas, Children’s Play Area, Sound System, Seating That Will Include a Minimum of 21,000 sf of Retail/Restaurant Space, a Minimum of 10 Restaurants, and a 35,000 sf Community Center and Public Parking.
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Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
Direction for Strategic and Economic Growth
MEETING DATE: December 17, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• The Hub will be family friendly food and beverage anchored mixed-use entertainment district that will be located on a four-acre parcel within the planned West Grove development at Custer Road and U.S. 380.
• The Hub will include and indoor/outdoor food hall, walk-in movie theater, backyard sports bar, community gathering space, corporate event space, stage, live music and signature events - activated with daily programming.
• The Hub team will operate the facility providing food and beverage service, festival staff, programming of daily activities, development, leasing and management services.
• Amenities will include stage, event lawn and plaza, two-story community space, restaurants and retail operations.
BACKGROUND INFORMATION:
• The Hub Partners, LLC, is an entity created specifically for a potential expansion project in McKinney, Texas.
• The Hub will be owned and operated by the Hub Partners, LLC, including several of the resident restaurants which provides autonomy to direct the atmosphere and ensure a family friendly environment.
• The Hub team looks for input from the McKinney community to create a “Hub Experience” unique to the city and its residents.
• Timeframe established would anticipate completion of construction in the fourth quarter of 2022.
FINANCIAL SUMMARY:
• Total cost for the development of The Hub is estimated to be $14,519,232.
• Funds requested through the project grant application submitted to MCDC total $2,600,000 for expenses eligible for consideration under Sections 501-505 of the Texas Local Government Code.
• If approved, funding would come from MCDC fund balance and under MCDC bylaws would require additional approval by McKinney City Council.