Stonebridge Ranch is a planned community in McKinney, Collin County, Texas, United States. [1]
Originally planned as a large community of luxury homes and facilities, building began on the 6000-acre site in the mid-1980s. The development faced problems in 1988 when Gibraltar Savings Association, the savings and loan institution backing it for an estimated $300 million (and 17% owned by the family of the project's developer) became insolvent. The federal government intervened, taking over the property, selling again it in 1990 for only $61 million. Such losses were a common outcome in the government's disposal of real estate assets during the bailouts of the savings and loan crisis. Ownership transferred to Yukio Kitano, representing the largest-ever Japanese investment in Texas real estate at the time. [1] [2] [3] [4] Construction has continued over the following decades. [4]
Stonebridge Ranch has private leisure facilities including pools and golf courses, as well as a community center, which are all overseen by its community association. [5]
The area contains six elementary schools and two middle schools. [6] McKinney and Frisco Independent School Districts offer education to high school students. It is also the location of Methodist McKinney Hospital [6] and Stonebridge United Methodist Church. [7] Commercial activity is concentrated on the Virginia Avenue Corridor and Eldorado District, including large chains, local merchants and restaurants.[ citation needed]
Stonebridge Ranch is a planned community in McKinney, Collin County, Texas, United States. [1]
Originally planned as a large community of luxury homes and facilities, building began on the 6000-acre site in the mid-1980s. The development faced problems in 1988 when Gibraltar Savings Association, the savings and loan institution backing it for an estimated $300 million (and 17% owned by the family of the project's developer) became insolvent. The federal government intervened, taking over the property, selling again it in 1990 for only $61 million. Such losses were a common outcome in the government's disposal of real estate assets during the bailouts of the savings and loan crisis. Ownership transferred to Yukio Kitano, representing the largest-ever Japanese investment in Texas real estate at the time. [1] [2] [3] [4] Construction has continued over the following decades. [4]
Stonebridge Ranch has private leisure facilities including pools and golf courses, as well as a community center, which are all overseen by its community association. [5]
The area contains six elementary schools and two middle schools. [6] McKinney and Frisco Independent School Districts offer education to high school students. It is also the location of Methodist McKinney Hospital [6] and Stonebridge United Methodist Church. [7] Commercial activity is concentrated on the Virginia Avenue Corridor and Eldorado District, including large chains, local merchants and restaurants.[ citation needed]