{"id":1004085899,"date":"2013-10-26T20:55:25","date_gmt":"2013-10-27T04:55:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=205103"},"modified":"2020-04-29T03:25:54","modified_gmt":"2020-04-29T11:25:54","slug":"tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel\/","title":{"rendered":"TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Amalia Otet, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on an 823,379-square-foot speculative industrial project in Southern Dallas County.<\/p>\n<p style=\"text-align: justify;\">Dubbed Trammell Crow Penn Distribution Center, the Class A facility will be located on a 47-acre tract along Interstate 20 in south Dallas and will seek LEED certification.<\/p>\n<p style=\"text-align: justify;\">Scott Krikorian, managing director &amp; head of Trammell Crow\u2019s Dallas\/Fort Worth Business Unit, credited two groups in bringing the development to fruition: Partner Prudential Real Estate Investors, with which it has created two other industrial projects in the I-20 corridor, and the city of Dallas, which he said has &#8220;paved the way to provide economic growth to the I-20 southern Dallas corridor.\u201d He added: \u201cThe location has a strong demand for bulk warehouse space over 500,000 square feet. The intersection of I-35 and I-20 has proven to be the epicenter of logistics, with product moving from Mexico into the region and then distributed locally or nationally via I-20 and I-35.\u201d<\/p>\n<p style=\"text-align: justify;\">The project is expected to be complete in May 2014.<\/p>\n<p style=\"text-align: justify;\">In hospitality news, Starwood Hotels &amp; Resorts Worldwide Inc. partnered with the city of McKinney and the McKinney Community Development Corp. (MCDC) to deliver<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Sheraton-McKinney-Hotel-via-The-Beck-Group.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-205123\" title=\"Sheraton McKinney Hotel via The Beck Group\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Sheraton-McKinney-Hotel-via-The-Beck-Group.jpg\" alt=\"\" width=\"300\" height=\"127\" \/><\/a> McKinney\u2019s first upscale, full-service hotel under the Sheraton brand.<\/p>\n<p style=\"text-align: justify;\">To be located at the corner of Highway 75 and the Sam Rayburn Tollway, the $38 million Sheraton McKinney Hotel will be developed by Champ Beck Development, a joint venture between Champ Hospitality and The Beck Group.<\/p>\n<p style=\"text-align: justify;\">The 186-key outfit will be connected to a 20,000-square-foot events center, with both expected to open in February 2015. Amenities will include a full-service restaurant and lounge, a state-of-the-art fitness center, as well as the brand\u2019s signature Link@SheratonSM experienced with Microsoft\u00ae, a relaxed space with complimentary wireless broadband.<\/p>\n<p style=\"text-align: justify;\">The project will be backed by mixed financing, with funds coming from the city of McKinney, private equity and bank financing. According to official statements, the city will pay for the cost of the conference center, which the city will own once it is open.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have created a unique and innovative financing plan that provides the city with the opportunity to recoup a portion of its investment upon sale and provides a city-owned conference center,\u201d said Jason Gray, McKinney city manager, in a release. \u201cIn addition to the positive economic impact from having a high-quality, full-service hotel, the McKinney Economic Development Corp. owns an additional 50 acres that can be developed on the site.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe hotel is a critical component in making the entire area successful. That\u2019s really the payoff to the community,\u201d he added.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credits: <a title=\"The Beck Group\" href=\"https:\/\/www.beckgroup.com\/\" target=\"_blank\" rel=\"nofollow\">The Beck Group<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trammell Crow Company and joint venture partner Prudential Real Estate Investors have broken ground on a 823,379-square-foot speculative industrial project in Southern Dallas County.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21742],"tags":[1815],"class_list":["post-1004085899","post","type-post","status-publish","format-standard","hentry","category-dallas","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel\" \/>\n<meta property=\"og:description\" content=\"Trammell Crow Company and joint venture partner Prudential Real Estate Investors have broken ground on a 823,379-square-foot speculative industrial project in Southern Dallas County.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-27T04:55:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T11:25:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Sheraton-McKinney-Hotel-via-The-Beck-Group.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tcc-prudential-break-ground-in-south-dallas-mckinney-to-get-38m-sheraton-hotel\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"TCC, Prudential Break Ground in South Dallas; 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