REGIONAL DEVELOPMENT Proposed $1 billion development, 4-acre lagoon coming to Leander
BY SALLY GRACE HOLTGRIEVE
The public-access lagoon will serve as the centerpiece for more than 1 million square feet of com- mercial development that will include a hotel and a conference center, according to the city. “This dynamic mixed-use devel- opment is a game changer for our community,” Hill said in a release. In addition to commercial develop- ment, up to 1,600 units of multifamily 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. “The deal allows us to immedi- ately share in the economic benets on a property that should provide excellent returns if developed to its best and highest use,” City Manager Rick Beverlin said in the release. Leander Springs will qualify for
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 devel- opment agreement with Leander Springs, the city approved up to $22 million in performance-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 for sustainability.
Leander Springs will include a lagoon, hotel and conference center, retail, restaurants, multifamily units, a boardwalk and related amenities. (Rendering courtesy city of Leander)
tax rebate payments once certain commercial development milestones are achieved, and only tax dollars generated from new commercial properties will qualify, the city said. 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. To qualify for the rebates, the crystalline lagoon must be completed by Dec. 31, 2023. No more than 400 multifamily residential units may be developed during Phase 1 and no more than 250 units in Phase 2. For Phase 2, Leander Springs must have 100,000 square feet of
commercial development within ve years of receiving the rst certicate of occupancy under Phase 1. Proposed zoning for Leander Springs was presented to the Leander Planning and Zoning Commission on Oct. 22. Leander City Council will make its nal determination during the rst and second readings of the zoning request on Nov. 19 and Dec. 3, respectively.
FOR SALE OR LEASE Panther Loop Office Warehouse 3600 SQFT START ING AT $475K
Mobile Check Deposit
9 buildings (7,200 sq ft each) Can buy:
Available today through the First Texas Bank app.
Whole building (7, 200 sq ft) Half building (3,600 sq ft) Quarter building (1,800 sq ft)
Whole and half buildings priced at $145 per sq ft (with offices) or $132 per sq ft (without offices).
1501 Panther Loop Pflugerville, TX 78660 Approx 1 mile from HEB Plus, Costco, tons of retail commercial, Stone Hill complex (512) 244.6100 PantherLoop.com
• Community high dock on site • 3 phase power available • AT&T Fiber internet available • Fully insulated buildings • 14 ft roll up doors
• Three entrances to complex for easy access & off loading of supply trucks • Accessibility to reach almost any area in Greater Austin under 30 minutes • Great financing options
COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
Powered by FlippingBook