Round Rock - Pflugerville - Hutto Edition | November 2020

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

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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.

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