Georgetown Edition | January 2022

DEVELOPMENT

The biggest developments to watch

2 0 2 2 A N N U A L C O M M U N I T Y G U I D E

TOP STORIES TO WATCH IN 2022

Large logistics park to be developed inGeorgetown

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BY TRENT THOMPSON

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Green Point Property Co. announced plans in December to develop a 231-acre logistics park in Georgetown beginning in early 2022. GTX Logistics Park, 900 FM 972, Georgetown, will feature parking, trailer storage and build-to-suit options for industrial and distribution use, according to a release. The industrial and distribution spaces will range from 400,000 to 1.45 million square feet. In total, the devel- opment will be over 3 million square feet and built out in several phases. Phase 1 will feature a 409,822-square- foot cross-dock building with 66 dock doors scheduled to be completed in the third quarter of 2022. The park will be Green Point Prop- erty Co.’s largest development in the Austin area, per the release. “Our goal in acquiring this signi- cant acreage position is to develop a Class A industrial park unique to the

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Brookwood in Georgetown buys 127 acres of land for residential community Nonprot organization Brookwood in Georgetown purchased 127 acres of land in Weir to build out Grace Place, a neighborhood for adults with disabilities, according to a Dec. 16 news release. Grace Place will be located at 2148 CR 120, Weir, and will not be accessible to the public until June, according to a spokesperson. The residential community will be built out in four phases: The initial $5 million phase will feature two homes that will house 16 people. The total cost of the project is $20 million and will feature a chapel and event center, an outdoor movie theater, a tness center, a tiny home village, a pet resort and several additional houses. The community will house 80 residents, according to the organization’s vision book on its website.

GTX Logistics Park will include a large number of build-to-suit options. (Courtesy Green Point Property Co.)

and will be a catalyst for growth and job creation throughout the greater Georgetown laborshed,” Clancy said in the press release. “Phase 1 alone will produce one of the largest industrial buildings developed in Central Texas during 2022.”

Austin MSA,” said Jeremy Rydberg, partner at Green Point Property Co. “GTX Logistics Park will feature both ready-to-occupy space and the ability to accommodate larger users, including those with highly specialized requirements.” The park will serve to satisfy a need the Austin metro has for large indus- trial buildings for distribution and manufacturing, said Chase Clancy, an Austin-based brokerage partner with Colliers, a real estate brokerage and investment management company. “GTX Logistics Park answers the call for large-format industrial space

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Georgetown approves economic agreements to fund improvements, multiuse development

BY TRENT THOMPSON

Shaw will develop over 12,000 feet of 36-inch sanitary sewer trunk line to serve the development. “The 36-inch wastewater line also will allow for other development in the area, which means that this TIRZ-funded investment provides an economic development benet to the larger triangle area between I-35 and Hwy. 195,” Dollar said. The TIRZ will reimburse Jackson Shaw up to $8.5 million through tax revenue from the North Georgetown TIRZ in accordance with an economic agreement, according to city docu- ments. Additionally, the developer must also invest $24 million in capital expenditures and complete construc- tion by June 30, 2025. In accordance with another economic agreement with George- town Transportation Enhancement Corp., Jackson Shaw will design and construct an extension of FM 972. The road is classied as a major arterial road in the city’s overall

Georgetown City Council approved Dec. 17 the development of a 224-acre plot of land to become a tax increment reinvestment zone, or TIRZ, and two economic agreements to fund public improvement projects on the property. The North Georgetown TIRZ will fund the 224-acre development, located west of I-35 and east of Hwy. 195, to be developed by Dallas-based developer Jackson Shaw. It will feature 388 units of multifamily housing, 1.7 million square feet of industrial development and 392,000 square feet of commercial space, Economic Development Director Michaela Dollar said during a presentation during the special meeting. Construction of the project will start with the development of 400,000 square feet of industrial land sometime in 2022, Dollar said. The purpose of the TIRZ is to fund public infrastructure improvements that are needed to develop the site, according to city documents. Jackson

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Jackson Shawwill begin construction of a 224-acre multiuse development in 2022. (Courtesy Jackson Shaw)

Georgetown Planning and Zoning Commission approves rezoning for Georgetown ISD facility The Georgetown Planning and Zoning Commission unanimously approved rezoning a 35-acre parcel of land to develop Georgetown ISD’s Future Ready Learning Complex during a Jan. 4 meeting. The facility, located at 5001 Airport Road, Georgetown, will house several GISD programs to prepare students for a career. The applicant requested to rezone the parcel of land from a planned unit development to a public facility zoning. The new zoning allows for the use of a high school or day care facility, according to city documents. Construction for the project will begin in May and is expected to be completed May 2024, according to GISD ocials at a Dec. 13 school board meeting.

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transportation plan and will extend through a corner of the TIRZ and from I-35. The expansion will cost $4.6 million to construct, which GTEC will fund, according to city documents.

GEORGETOWN EDITION • JANUARY 2022