Cannon Beach Is Moving Forward in McKinney: What Homeowners Should Actually Know

If you've driven near Stacy Road and SH 121, you've probably noticed that Cannon Beach is no longer just a rendering.

Construction is underway on the roughly $200 million mixed-use surf and adventure development, and this week brought another important step forward.

On September 15, the McKinney Economic Development Corporation approved a budget amendment associated with the Cannon Beach development agreement. City documents identify $20,870,845 in land-sale proceeds for the agreement.

The project is expected to include a surf lagoon, resort-style hotel, restaurants, retail, office space and additional entertainment uses, with the first phase currently targeted for 2027.

But if you own a home nearby—or you're considering buying in McKinney—the better question isn't simply:

"Is a surf park coming?" :  Yes

"What does this kind of development actually mean for this part of McKinney?":   That's where the story gets more interesting.

First: What Was Actually Approved This Week?

The McKinney Economic Development Corporation considered and passed a resolution recommending a budget amendment related to the existing Cannon Beach development agreement on September 15. City Council documents list an appropriation of $20,870,845 in land-sale proceeds in the MEDC fund for that agreement.

Reporting from Bisnow explains the structure further: the developer agreed to pay roughly $23 million to MEDC for the land, and under the existing grant agreement, up to nearly $21 million can be forgiven as specified construction milestones are reached.

So this week's action is better understood as another step in executing an existing development agreement, rather than McKinney suddenly deciding this week to write a new $21 million check for a surf lagoon. That's an important distinction.

What Exactly Is Cannon Beach?

Cannon Beach is being developed near the northeast corner of Stacy Road and SH 121/Sam Rayburn Tollway.

Plans have evolved, but current descriptions include a large surf lagoon and beach experience along with a resort hotel, restaurants, retail and entertainment.

Reported plans also include approximately 100,000 square feet of office space and potential entertainment components such as a skateboard park, movie theater and bowling.

The project broke ground in late 2025, and the first phase is currently expected in 2027.

Cannon Beach at a Glance

Will Cannon Beach Increase Nearby Home Values?

This is where I want to be careful, because it's easy to turn a development announcement into a real-estate claim that the data doesn't yet support.

We do not yet know.

A major destination can make an area more visible, support nearby restaurants and businesses and add amenities that some buyers value.

But home values don't move because of one project alone.

They are affected by the broader housing market, interest rates, inventory, schools, taxes, employment, neighborhood condition, new construction and—very importantly—the specific location of an individual property.

For homes immediately surrounding a major entertainment development, buyers may also consider traffic, noise and lighting differently than someone living several miles away.

So I would not tell a McKinney homeowner:

"Cannon Beach is coming, therefore your house will appreciate."

Real estate doesn't work that neatly.

What About Traffic and Nearby Neighborhoods?

This is a much more legitimate question.

During the project's zoning process, nearby-resident concerns included noise, lighting, screening and the project's residential edge.

Project representatives discussed employee parking along the northern side of the development and additional walls, fencing, trees and landscaping intended to help buffer neighboring residential properties.

If I were helping someone evaluate a house near the project, I wouldn't simply tell them Cannon Beach is an exciting new amenity.

I'd want to look at:

• exactly where the house sits in relation to the development;
• the likely access roads;
• planned commercial and entertainment uses closest to the property;
• existing and proposed screening;
• traffic patterns once the development opens;
• and comparable sales as the project progresses.

That's the difference between talking about McKinney generally and evaluating a specific McKinney property.

Cannon Beach Is Part of a Bigger McKinney Story

McKinney is increasingly becoming two things at once.

We still have the historic downtown, older neighborhoods, mature trees and the identity of a city founded in the 1800s.

But southern McKinney—particularly around SH 121—is becoming a much larger employment, entertainment and destination corridor.

Cannon Beach fits the second McKinney.

And that helps explain why I continue telling buyers that McKinney and Frisco shouldn't be treated as interchangeable simply because they're neighbors.

I've written before about how McKinney and Frisco became America's #1 and #2 real-estate markets while developing very different identities.

Cannon Beach makes that conversation even more interesting.

McKinney isn't abandoning its historic identity.

But it also isn't the same McKinney it was 10-20 years ago.

What Does This Mean If You're Thinking About Selling?

Don't price your home based on a future development announcement.

Price it based on what buyers are paying for comparable homes now.

That's particularly important in today's Collin County market.

As I recently explained in my article about why McKinney and Collin County buyers finally have choices again, active inventory in Collin County is dramatically higher than it was during the ultra-low-inventory market of 2021.

Buyers can compare.

And when buyers can compare, an overpriced home doesn't become more valuable simply because something exciting is being built nearby.

Homes that expire or are cancelled after failing to sell can be especially instructive. They show us something closed-sale statistics don't: the price the market rejected.

For sellers, I want to look at both sides:

What sold—and what couldn't sell at the price the seller wanted.

That's how we build a much more realistic pricing strategy.

What Does This Mean If You're Buying?

Ask more specific questions.

Instead of:

"Is Cannon Beach good for McKinney?"

Ask:

"How could Cannon Beach affect this particular house?"

Those are completely different questions.

For one buyer, being minutes from restaurants, entertainment, a resort and SH 121 could be a major lifestyle advantage.

Another buyer may prioritize quiet streets, less traffic and distance from commercial development.

Neither buyer is wrong.

The job is to understand what you're actually buying into.

That's why my work with buyers doesn't begin and end with the house.

My work begins with your dream and ends when we make it come true.

Cannon Beach McKinney FAQs

Where is Cannon Beach being built?
Near Stacy Road and SH 121/Sam Rayburn Tollway in McKinney.

Is Cannon Beach actually under construction?
Yes. Construction is underway.

When will Cannon Beach McKinney open?
The first phase is currently expected in 2027. Development schedules can change.

How much will Cannon Beach cost to build?
Current reporting places the overall development at approximately $200 million.

Did McKinney just give Cannon Beach $21 million?
That's an oversimplification. The September action involves approximately $20.87 million in land-sale proceeds tied to an existing development agreement; reporting says the developer's land payment can be forgiven up to the agreed amount as construction milestones are achieved.

Will Cannon Beach increase my McKinney home's value?
There isn't enough evidence to make that claim. The effect will depend on the individual property, proximity, future traffic and amenities, neighborhood conditions and the broader real-estate market.

Where can I follow the official city action?

City of McKinney — Cannon Beach budget amendment record