Frequently Asked Questions about Downtown Parking
- Is the city getting a downtown parking garage?
Yes. At the April 4, 2017 regular meeting, City Council voted to approve a lease agreement with a private developer for the construction of a parking garage on the northeast corner of Virginia and Chestnut streets in Historic Downtown McKinney. The city will lease to own the garage. View a copy of the lease.
- How many parking spaces will be available?
The preliminary design for the development includes a five-story parking structure with 310 spaces.
- How can this happen since the bond failed in 2015?
Lease payments made by the city to the developer are not obligated funds as are bond payments or payments on certificates of obligation. The city will not allocate payments beyond any fiscal year, but payments would be included in the annual operating budget each year.
- How will the project be funded?
The city will lease to own the garage. The garage will be constructed using private funds from the property owner.
- What additional plans does the city have to alleviate parking issues in downtown?
The city has entered into a long-term lease agreement with First United Methodist Church for its property at the southwest corner of Kentucky and Lamar streets. The city is constructing 47 new spaces at the church lot, which already has 44 spaces. These spots are available for public use anytime except Sunday during morning services. The city is also constructing approximately 70 spaces on the old Wysong hospital lot at the northeast corner of Tennessee and Hunt streets. The new spaces bring the total capacity to about 180 spaces.
When construction of Davis at the Square at the southwest corner of Davis Street and McDonald Street is completed in 2018, approximately 320 parking spots will be available for public use.
The city is also looking into additional parking options on land it already owns, including the site of the old water tower and fire station located at Davis and Chestnut streets. Additionally, the city is exploring options to improve lighting, security and wayfinding in downtown.
Please contact Barry Shelton if you have questions that are not answered on this page.
The Downtown Parking Committee is made up of citizens appointed by the City Council. The committee discusses short-term strategies and prepares recommendations for long-term strategies to address parking needs as downtown McKinney continues to grow.
The Downtown Parking Committee will continue to meet on a regular basis to continue to address both short- and long-term parking needs in downtown. Please check the city calendar for upcoming meeting dates.
March 8, 2017
City Council voted to begin the process of entering into a lease agreement with a private developer for the construction of a parking garage on the northeast corner of Virginia and Chestnut streets. Upon finalizing the lease, construction of the lot would begin this spring or early summer and is slated to be finished by early next year.
Property owner and developer Virginia@5 LLC and SP2 301 E. Virginia LLC Five proposed five options for consideration that were presented at the meeting. City Council selected the option for a five-story parking structure with 310 spaces and a construction cost of just more than $7.5 million. The city will lease to own the garage.
November 15, 2016
At the Nov. 15 meeting, City Council voted to enter into a development agreement with Virginia@5, LLC and SP2 301 E Virginia, LLC for a potential downtown parking garage at the northeast corner of Virginia Street and Chestnut Street, providing approximately 300 parking spaces.
In the development agreement, the property owner will hire a design firm to develop a schematic design for the proposed parking structure. The schematic design will provide number of spaces, estimated costs and options for design that will allow City Council to decide whether or not to proceed with the project.
If either the city or the property owner decides to discontinue the project following the design phase, the costs incurred to date would be split evenly by the two parties.
If City Council decides to proceed with the project once these costs are known, then the lease payments and purchase option will be based on the cost of construction, which will be determined during the initial schematic design phase.
Additional public hearings during City Council meetings will be held to discuss the parking structure once the schematic design has been completed. View the meeting
April 19, 2016
At the April 19 City Council meeting, City Council passed a resolution supporting the committee’s recommendations for short term strategies for downtown parking.
March 1, 2016
At the March 1 regular City Council meeting, City Council appointed members to a Downtown Parking Committee. The purpose of the committee is to discuss long- and short-term solutions to parking-related issues in the Historic District. The first meeting was held March 17.
February 16, 2016
At the February 16 regular City Council meeting, the City Council voted down a proposal for an additional underground parking level within the mixed-use development planned on the city’s nine-acre property. City Council will be appointing a committee to discuss short- and long-term parking solutions for the historic downtown area. Members of the committee will include stakeholders, city staff and possibly Council members.