Title
Conduct a Public Hearing and Consider/Discuss/Act on a Retail Development Infrastructure Grant Application (RI 25-04) Submitted by 380 Marketplace LLC in the Amount of Fifty Thousand and NO/100 Dollars ($50,000.00) for Infrastructure Improvements Including Exterior Electrical, Water Line Replacement, and Site Improvements for Retail Shopping Center Located at 2414 W. University Drive, McKinney. Amount Represents 9% of the Total Project Cost.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: August 28, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a grant request in an amount of $50,000 for infrastructure improvements including exterior electrical, water line replacement, and site improvements for a retail shopping center located at 2414 W. University Drive.
• This goal is to transform a dated property into a vibrant, fully leased neighborhood center that better serves residents and strengthens a prominent gateway into the city.
• The full project scope involves a total renovation of an existing retail shopping center constructed in 1984. Improvements include a full façade renovation, painting the building, new LED exterior lighting, restriping of the parking lot and fire lanes, concrete repairs, landscaping, and updated signage. To support long-term use and attract a broader range of tenants, the project will include replacing the old and undersized water line to accommodate restaurant users and constructing a new dumpster enclosure. New patio seating areas will create welcoming, community-oriented spaces.
BACKGROUND INFORMATION:
• 380 Marketplace LLC is a project of Precision Investments, a Dallas-based real estate firm that specializes in acquiring and operating retail shopping centers throughout Texas.
• Since inception, the firm has completed over $97 million in transactions.
• The founding partners, Dan Avnery and Stewart Korte, bring decades of experience in retail leasing, development, and property management, which allows the firm to assess and reposition underutilized and underperforming shopping centers.
• Precision focuses on transitioning properties into fully leased, vibrant community assets. Their projects prioritize safety, accessibility, and long-term relevance, often involving site redesigns, new signage, improved landscaping, and tenant mixes that meet local needs, such as restaurants, clinics, and everyday services. These efforts strengthen neighborhoods.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,000 ($150,000 for each of 2 cycles).
• Neither Precision Investments or 380 Marketplace has requested funding from MCDC in the past.
• The request is eligible for MCDC consideration under Section 501.152 of the Texas Local Government Code - definition of “project.”
SUPPORTING MATERIALS:
• Application Packet
• Presentation