A Plano-based real estate firm recently started construction on a $27 million shopping center with some mixed-use components in McKinney.
SLX Capital LLC began work on the Eldorado Neighborhood Shops on Dec. 2. Once complete, it’s supposed to feature a mix of retail options, including a gym, daycare, specialty grocery store and restaurants. The developer recently shared additional details about the project in an interview with Dallas Business Journal, including more info about the construction timeline and cost.
The 13.7-acre site is at the southwest corner of Eldorado Parkway and Stonebridge Drive.
Mountain Mike’s Pizza, Chipotle and Willowbrae Academy have already signed on to open locations within the development. SLX Capital partner Ahsan Daredia said the firm has secured a lease with a grocery store for a 2.2-acre “hard corner” parcel but the firm declined to disclose the name of the company.
Negotiations are underway with several other national retailers. A 1.25-acre pad site has been set aside for a potential medical or office user. Daredia said he has received multiple letters of intent for the space but has not yet made a final selection.
The project, which began design in October 2023, is expected to wrap up by February 2026.
SLX Capital looks for areas where retail demand outpaces supply when scouting new investment opportunities. McKinney’s “affluent demographics,” population density and lack of retail options in Stonebridge Ranch made it an ideal location, Daredia said.
“Our void analysis revealed a strong demand for diverse retail, dining, and experiential options among the area’s high-income, family-oriented residents and the broader McKinney population,” Daredia said.
DBA Commercial Real Estate is handling leasing and pad sales, while other members of the development team include JAW Architects Inc., XS Construction LLC and Cross Engineering Consultants.
McKinney has added more than 19,000 residents over the past five years, according to the city’s website. The median household income now stands at $113,286.
Daredia’s development is part of a larger trend in Collin County, where cities are rapidly building new retail centers and mixed-use districts to keep pace with population growth. Heading into the new year, McKinney remains focused on approving projects that enhance the city’s appeal and support its growing population.
Recently, a Dallas-based developer announced 16 new retailers at a mixed-use project at U.S. Route 380 and Custer Road. City officials in November approved a site plan for a $220 million amphitheater and unveiled plans to partner with an Arizona-based developer on a multimillion-dollar mixed-use project with a surf lagoon.
In 2025, McKinney is set to welcome a new semi-professional soccer team, and construction could begin on the proposed expansion of McKinney National Airport.
