McKinney developer David Craig and a group of investors have purchased hundreds of acres surrounding the Collin County airport.
The new owners are looking at plans for an aviation-related business complex.
"The properties total about 332 acres," Mr. Craig said Wednesday. "And all of our properties adjoin the taxiways and runway."
The undeveloped land is along Industrial Boulevard, Enloe Road and FM546 in eastern McKinney. One tract is adjacent to a Texas Instruments aviation facility at the Collin County Regional Airport.
The properties were purchased from McKinney Horizons LP, an investment partnership that had owned the land for almost a decade, Mr. Craig said.
Terms were not disclosed.
"The purchasers saw the land around the airport as property that has good long-term appreciation value without much downside risk," Mr. Craig said.
The airport has more than 19,000 visitors a year and generates more than $65.7 million in annual economic benefit, according to a study released last year.
Mr. Craig is one of the largest players in the Collin County real estate market.
His Craig International Inc. is developing the 2,400-acre Craig Ranch west of North Central Expressway in McKinney. Thousands of homes and commercial space and other facilities, including the Cooper Aerobics Center, are planned.
"The venues we are bringing to Craig Ranch will have people flying in from all over the world," Mr. Craig said. "We are interviewing land planners and evaluating what will be the highest and best use of our airport property."
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