McKinney City Council is scheduled to vote on Tuesday regarding a $21 million disbursement from the McKinney Economic Development Fund. The funds would be directed to developer Cole Cannon to assist with the construction of the Cannon Beach surf lagoon and resort hotel development.
The project occupies 35 acres, described as one of the final large undeveloped parcels within city limits. Construction is currently underway, with the first phase of the development expected to be finished by late next year. The total estimated cost for the entire project is approximately $200 million.
Cannon Beach is a collaborative effort involving Cannon, the city, the city’s Economic Development Corporation, and the McKinney Development Corporation. Projections indicate the development will generate 700 jobs and draw 400,000 visitors annually. City marketing materials list additional amenities, including a skate park, a movie theater, dining and shopping areas, and other social spaces.
The article notes that other surf lagoon projects in Texas have encountered financial and legal hurdles. The Austin Surf Club, a 333-acre development in Del Valle, recently paused construction after facing $4.6 million in construction liens. The project, developed by Kelly Slater and Discovery Land Company, had attracted pre-sale buyers including Matthew McConaughey and Drew Brees.
Similarly, iLand Development Group has faced construction liens and has had two attempts to secure approval from Leander city officials for a $1 billion mixed-use project. Little work has been completed on that site since it was approved in 2021.
