DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Next summer, car enthusiasts in McKinney will have a new place to store their luxury vehicles and boats.
Elite Garages of McKinney is rising at the southwest corner of Virginia Parkway and Hardin Boulevard.
The $20 million facility will feature 63 private garages, ranging from 1,300 to 1,400 square feet. Spaces are customizable, with prices starting at $2,500 per month to rent and $375,000 to buy.
The project is being developed by Scottsdale-based Platinum Advisors LLC and built by Dallas-based LGE Design Build. Construction is expected to finish by the summer of 2025, according to an Oct. 22 announcement.
In addition to being a significant real estate project, it's another sign of the rising affluence in the suburbs far north of Dallas.
In addition to storage units, the facility will include a members-only clubhouse equipped with a kitchen, showers, meeting space and conference rooms.
"The demand for secure, high-end storage options is growing, particularly among car collectors and RV owners who need more space than a typical residential garage can provide," said Jim Riggs, developer and founder of Elite Garages of McKinney.
McKinney has an estimated population of about 215,000 and a median household income of $113,286, according to U.S. Census Bureau data. Notable employers include Globe Life, Independent Financial, Encore Wire, SRS Distribution and RTX, formerly known as Raytheon.
McKinney is also the seat of Collin County, which in recent decades has witnessed a population boom in part because of strong schools and amenities that enhance residents' quality of life.
Other big developments on the way in McKinney include a 20,000-seat amphitheater that could attract big-name concerts. The area is home to huge neighborhoods including Craig Ranch — its TPC Craig Ranch course is home to the annual CJ Cup Byron Nelson golf tournament.
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