A new state registration puts an estimated construction cost of $27,051,424 on Franklin Branch Apartments, a proposed 288-unit affordable housing development in McKinney.
The Texas Department of Licensing and Regulation registration lists Franklin Branch as a new-construction project. City records place the site on approximately 15.7 acres at 3565 FM 1461, near Baxter Well Road.
Income restrictions and bedroom range
McKinney records describe the development as 100% affordable and identify NRP Holdings as the developer. City officials said the proposed homes would range from one to four bedrooms and would be restricted to households at 30%, 60% and 70% of area median income.
Why the two project figures differ
The city record authorizes applications for tax-exempt bonds with principal not to exceed $51 million. The $51 million figure is a ceiling on principal for the bond applications. It is separate from the $27,051,424 estimated construction cost in the state registration.
At its June 2 meeting, the McKinney City Council approved a resolution of no objection connected to the planned application for 4% housing tax credits, according to the meeting record. The bond and tax-credit records describe applications, while the TDLR filing supplies an estimated construction cost.
The developer said it hoped to begin construction before the end of 2026, so a groundbreaking remains prospective.
Another recent North Texas public filing is DFW Daily Brief’s coverage of the $5.1 million registration tied to Sherrill Park Golf Course in Richardson.
