Cedar Park - Leander | November 2020

DEVELOPMENT

Proposed $1 billion development, 4-acre lagoon coming to Leander

BY SALLY GRACE HOLTGRIEVE

residential development are proposed for the project, according to the city. A phasing plan was incorporated into the city’s agreement to require that commercial uses be constructed proportionally with residential uses. “Our conservative approach in the Leander Springs agreement helps make this project feasible for the developers while serving as a low risk opportunity for the city,” City Man- ager Rick Beverlin said in the release. “The deal allows us to immediately share in the economic benets on a property that should provide excel- lent returns if developed to its best and highest use.” Leander Springs will qualify for tax rebate payments once certain commercial development milestones are achieved, and only tax dollars generated from new commercial properties will qualify, the city said. Additionally, because rebates are restricted to new development, existing public funds will not be used to nance the project. Leander Springs is eligible to receive rebates from the city on property taxes, sales taxes and hotel occupancy taxes collected as Leander Springs develops. Some examples from the city include the following. Phase 1 property and sales tax rebates: Leander Springs must have 35,000 square feet of commercial development and the crystalline lagoon completed by Dec. 31, 2023. No more than 400 multifamily residential units may be developed during Phase 1. Phase 2 property and sales tax

Leander Springs, a 78-acre, mixed- use project with retail, restaurants, entertainment, hospitality, oce and residential components, is on its way to town, Leander Mayor Troy Hill announced Oct. 15. Expectations are that a fully developed Leander Springs, set to be located at the southwest corner of FM 2243 and 183A, could be valued at $1 billion, according to the city. As part of an economic development agreement with Leander Springs, the city approved up to $22 million in per- formance-based tax incentives for the project, which promises to construct a 4-acre crystalline lagoon powered by Crystal Lagoons technology and surrounded by 10 acres of boardwalk and related amenities. The lagoon will be lled only once and will operate in a closed circuit to ensure sustainable use of water. The public-access lagoon will serve as the centerpiece for more than 1 million square feet of com- mercial development, plans for which include a full-service hotel and a conference center. “This dynamic mixed-use devel- opment is a game changer for our community,” Hill said in a release. “Leander Springs has a phased approach that will bring in much- needed commercial development at the beginning of the project while incorporating residential uses in a proportional manner.” In addition to commercial develop- ment, up to 1,600 units of multifamily

The public-access lagoon will serve as the centerpiece for more than 1 million square feet of commercial and residential development. (Rendering courtesy city of Leander)

DEVELOPMENT PLANS

Parkway network Residential

2243

Lagoon residential above retail Ground-oor retail Retail

183A TOLL

Commercial

Parking garage Hotel/residential Hotel Lagoon amenities

rebates: Leander Springs must have 100,000 square feet of commercial devel- opment within ve years of receiving the rst certicate of occupancy for develop- ments under Phase 1. No more than 250 multifamily residen- tial units may be developed during Phase 2. Additional property and sales tax rebates: Leander Springs must have 100,000 square feet of commercial development for every additional 250 multifamily residen- tial units developed. Proposed zoning for Leander Springs was presented to the Lean- der Planning and Zoning Commission

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SOURCE: CITY OF LEANDER COMMUNITY IMPACT NEWSPAPER

on Oct. 22. Leander City Council will make a nal determination during the rst and second readings of the zoning request: Nov. 19 and Dec. 3, respectively.

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