A Dallas-based real estate firm bought 118 acres in McKinney for an industrial development.
Formation Interests LLC purchased the property at the northeast corner of Spur 195 and U.S. 75 on May 22. Property records indicate the former owner was One Longhorn Corp., an entity tied to the same address as RPM xConstruction.
Formation said it plans to develop a six-building, 715,000-square-foot industrial campus called Gateway at Formation Park. The company expects to begin construction on the $130 million development this summer. It is still moving through the permitting process with the city of McKinney and is looking to hire a contractor.
The first phase will include three buildings totaling 450,000 square feet. It could open next summer. The full development schedule calls for the two phases to be completed within about 36 months.
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