Cannon Beach McKinney: What the $200 Million Surf Resort Means for North Texas Real Estate

Cannon Beach McKinney: What the $200 Million Surf Resort Means for North Texas Real Estate

 

 

McKinney is getting a beach. Cannon Beach, a $200 million surf and adventure resort, broke ground on Dec. 15, 2025, and is designed to reshape the city's recreation and tourism scene. It is part of a larger wave of development along the SH 121 corridor that includes a 20,000-seat concert venue less than a few miles away.

Buyers, sellers, and investors should understand what's being built, when it opens, and how major entertainment projects like this tend to affect nearby neighborhoods. Here's the full breakdown.

Cannon Beach at a Glance

What's Being Built at Cannon Beach

The 35-acre site will feature a three-acre surf lagoon, a lazy river, a mineral hot springs circuit, and a full-service resort hotel, along with dining, entertainment, and business space.

The surf lagoon and water attractions. Guests will have cabanas and lounge areas with food service that connect directly to the surf lagoon and attractions such as cliff diving and a stationary surf wave.

The resort hotel. The hotel will include event and wedding venues and a sandy beach. Preliminary plans also include retail, restaurant, and office space in addition to a 150-room hotel.

Entertainment and recreation. Plans also call for a skateboard park, movie theater, bowling alley, health club, and indoor recreation facilities.

A proven developer model. McKinney isn't the first Cannon Beach. The McKinney announcement followed the opening of the company's first surf-focused development in Mesa, Arizona, a 40-acre multi-use project.

Cannon Beach Timeline: From Announcement to Opening

The opening date has moved once already. The original announcement projected phase one opening as early as 2026. The current target, as of the groundbreaking, is as early as mid-2027. Timelines on projects this size often shift, so treat 2027 as a goal rather than a guarantee.

The Zoning Approval Clears a Major Hurdle

In April 2026, the project cleared an important step. City Council approved new zoning for more than 58 acres at the site, creating a planned development district that allows commercial, entertainment, and recreational uses built around the surf resort.

The zoning follows the city's regional commercial framework but adds a defined use for an outdoor water recreation and entertainment facility. The site has roughly 3,000 linear feet of frontage on the Sam Rayburn Tollway. It sits in an area the city's 2040 Comprehensive Plan designates as an "Entertainment Center" district, meant for large-scale attractions and regional destinations. Plans also include at least two acres of public open space.

That comprehensive plan designation matters for real estate. It signals that the city intends this corridor to keep drawing regional destinations over the long term.

McKinney's SH 121 Entertainment Corridor Is Taking Shape

Cannon Beach isn't arriving alone. Its neighbor is the Sunset Amphitheater, a major concert venue under construction near US 75 and SH 121.

Sunset Amphitheater details. The $300 million amphitheater is projected to support more than 1,300 jobs and generate more than $3 billion in its first decade, with up to 70 music shows a year. It also has a delayed timeline. The updated schedule targets final completion in September 2027, and the developer expects to open for the 2027 touring season. In July 2026, Venu said it had secured a $20 million bridge loan to keep construction moving and is targeting a first-quarter 2027 opening.

By the numbers: at full capacity, 70 shows could bring up to 1.4 million concertgoers a year. Add Cannon Beach's projected 300,000 annual visitors, and this stretch of SH 121 could draw well over a million visitors a year once both venues are running.

McKinney's leadership frames these projects as a sign of the city's growth. At the Cannon Beach groundbreaking, Mayor Bill Cox said McKinney is no longer a small town and has become a regional, statewide, and national player.

How the Deal Is Funded: Public-Private Partnership

Cannon Beach is a joint effort involving the City of McKinney, the McKinney Economic Development Corporation (MEDC), and the McKinney Community Development Corporation (MCDC). The project is being made possible in part through city infrastructure and tax incentives.

The resort is being built on 35 acres previously owned by MEDC, and MEDC still owns the land directly east of the development. That adjacent parcel is worth watching. Land next to a major destination is often held for complementary commercial development.

The McKinney Housing Market Right Now

Cannon Beach is arriving in a market that has cooled from its peak, which gives today's buyers leverage they haven't had in years.

As of July 31, 2026, the typical McKinney home value was $480,265, down 6.1% over the past year, with homes going to pending in about 33 days. In the 30 days before Orchard's June report, homes sold for a median sale-to-list ratio of 96.7%, and 38.74% of listings had a price cut.

What that means: buyers in McKinney are negotiating below list price on average, while major long-term amenities are under construction nearby. Buyers who are purchasing for the long haul should pay attention to that combination.

What Cannon Beach Means for Homebuyers

1. Destination amenities can support long-term demand, but they aren't a guarantee. Easy access to resort-style recreation, dining, and entertainment is a real quality-of-life advantage. It can widen the pool of future buyers when you sell. Still, don't pay a premium today based only on a project that hasn't opened.

2. "Close" and "too close" are different things. A 10-minute drive to a surf resort and concert venue is a selling point. Backing up to a tollway frontage road on event nights is not. Before you make an offer near the SH 121 corridor, drive the area during rush hour and on a weekend evening.

3. Check traffic and sound plans. The amphitheater's approved site plan includes more than 5,100 parking spaces and a 33-foot-tall sound attenuation wall on its east side. Venu is also using stage-flanking "wind walls" and electroacoustic mitigation to limit noise. Ask how your specific neighborhood falls in the city's traffic and sound studies.

4. Look at the whole corridor. Resale homes along SH 121 in McKinney, Allen, and Fairview may benefit from being near both new destinations. Newer lagoon-centered communities in Collin County, such as AnaCapri in Anna, offer a different model: the water amenity is inside the neighborhood rather than a regional attraction.

What Cannon Beach Means for Sellers

1. It's a legitimate marketing point. If your home is within a reasonable drive of the SH 121 corridor, "minutes from the future Cannon Beach surf resort and Sunset Amphitheater" belongs in your listing, stated accurately with projected 2027 opening dates.

2. Price to today's market, not 2027's. With homes selling below list on average and a large share of listings taking price reductions, pricing to future amenities risks sitting on the market. Price to current comparable sales and let the amenity story help your home stand out.

3. Timing matters. Buyers tend to respond most to amenities they can see and experience. Sellers who can wait until after the 2027 openings may benefit from buyers who have already visited the resort. Sellers who need to move now should focus on condition and pricing.

What Cannon Beach Means for Investors

1. Hospitality and tourism demand. A resort hotel, 300,000 projected annual visitors, and up to 70 concerts a year could create demand for nearby lodging. Before buying a short-term rental, confirm McKinney's current ordinances and your HOA's rules. Many North Texas HOAs restrict rentals under 30 days.

2. Commercial real estate opportunity. Entertainment anchors often draw restaurants, retail, and service businesses to surrounding parcels. Commercial land and retail space near the corridor is worth monitoring as both projects approach opening.

3. Long-term tax base growth. Once incentive periods run their course, large commercial projects expand the tax base that funds city services, easing pressure on homeowners.

Surf and Lagoon Amenities Are a Growing North Texas Trend

Cannon Beach reflects a broader shift in North Texas toward water-centered destinations. Texas's long warm season makes lagoons, surf pools, and beach-style amenities practical here in a way they aren't in most of the country. Collin County developers have noticed, and lagoon-centered master-planned communities have multiplied over the past several years. McKinney's surf resort brings that concept to a regional destination open to the public rather than limited to residents of one subdivision.

Frequently Asked Questions

When will Cannon Beach in McKinney open?
The first phase of Cannon Beach is expected to open as early as mid-2027.

Where is Cannon Beach McKinney located?
The project is at the northeast corner of Stacy Road and SH 121 (the Sam Rayburn Tollway) in McKinney, Texas.

Is Cannon Beach a waterpark?
It's more of a surf and water resort than a traditional waterpark. It centers on a three-acre surf lagoon with a lazy river, mineral hot springs circuit, and a full-service resort hotel.

How much does Cannon Beach cost to build?
The resort is a $200 million project developed by Cannon Development Group.

How many jobs will Cannon Beach create?
The project is projected to create more than 700 local jobs, generate over $2 billion in economic impact over 20 years, and draw 300,000 visitors annually.

What else is being built near Cannon Beach?
The $300 million Sunset Amphitheater is under construction nearby. The 20,000-capacity venue could host up to 70 shows a year and is expected to open for the 2027 touring season.

Will Cannon Beach raise home values in McKinney?
Major amenities can support long-term buyer demand, but home values depend on many factors, including interest rates, inventory, and the broader market. McKinney values are currently down year over year, so buyers should base offers on today's comparable sales rather than future amenities.

The Bottom Line

Cannon Beach is one of the most unusual developments in North Texas: a surf resort, hotel, and entertainment destination rising along a corridor that will also include a 20,000-seat amphitheater. Together, the two projects represent about half a billion dollars in private investment and a clear signal about where McKinney is headed.

For real estate decisions, the practical takeaways are simple. Buy based on today's numbers, weigh proximity carefully, and treat the 2027 openings as long-term upside rather than a sure thing.

Thinking about buying, selling, or investing near McKinney's SH 121 corridor? OnDemand Realty serves Collin County and the entire Dallas-Fort Worth Metroplex.