From the cover
Continued from Page 29
New Hope Drive
In progress
In design
Completed 1 New Hope Professional Park O ce 2 Shops at New Hope Retail and dining 3 New Hope Crossings Retail 4 Clover's Plaza O ce and retail 5 New Hope Professional Center O ce
8 La Jaita Business Park O ce, dining, and retail 7 New Hope Corporate Park Retail and o ce Dining and entertainment 6 54th Street Restaurant & Drafthouse
10 District at New Hope Retail and dining 9 CedarView NFM/Scheels Entertainment, retail, o ce, dining and hotel
About a decade ago, Cedar Park City Council adopted a comprehensive plan—which, among other priorities, targeted underdeveloped portions of New Hope Drive for o ce space to attract key business sectors as well as retail and dining options to accommodate them. Penniman-Morin said as global technology and manufacturing companies come to Texas for tax incentives, Cedar Park o ers a hub of young talent. For these companies, the city has prioritized “light industrial” development—a term that often conjures visions of smoke stacks and chemical plants in the imaginations of residents, Penniman-Morin said. In reality, it’s a exible zoning designation that allows builders to combine manufacturing facilities, o ce spaces and front-facing retail. Nearly a dozen new developments—that together span the size of four Lakeline Malls—are planned between South Bagdad Road and Ronald Reagan Boulevard.
*THE NEW HOPE DEVELOPMENT INCLUDES BOTH THE NEW HOPE CORPORATE PARK AND THE DISTRICT AT NEW HOPE.
New Hope*
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183A TOLL
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MAP NOT TO SCALE N
SOURCES: ANCHOR CM, ASTERRA PROPERTIES, CITY OF CEDAR PARK, EQUITABLE COMMERCIAL REALTY, JLL, LIVE OAK REAL ESTATE, MTI PROPERTIES, QUEST REALTY TEXAS COMMUNITY IMPACT
Notable projects
Many of the developments along New Hope Drive combine retail, o ce and dining or entertainment options. Of the new projects, the following are some of the largest:
Name
Developer
Estimated size
Description
The land will house NFM, formerly Nebraska Furniture Mart, and sporting goods chain Scheels—which will include a 65-foot Ferris wheel, a 16,000-gallon saltwater aquarium, and other dining and entertainment amenities. Both projects are set to be complete in 2026 and will employ over 1,200 people.
CedarView NFM/Scheels
CPM Development LLC
1,523,000 sq. ft.
Cordova Real Estate Ventures, Riverside Resources and Live Oak
The rst two phases involve industrial space (New Hope Corporate Park) and future plans include the addition of restaurants, retail and entertainment centers (including District at New Hope). All phases of the project are projected to be completed by 2033.
New Hope
535,389 sq. ft.
Quote of note
By the numbers
Hope Drive had an average of 11,876 vehicles per day compared to 42,400 on nearby east-west corridor Whitestone Boulevard. However, as new development moves into the area, New Hope is expected to see increased tra c. To accommodate this, construction began on an extension of New Hope Drive to connect it from Ronald Reagan Boulevard to Sam Bass Road. The project, which will include 1.8 miles of new roadway, began in fall 2023 and is anticipated to be complete this spring.
Neerja Kwatra, real estate broker for the Shops at New Hope, said parcels along New Hope Drive are enticing because the road is seeing more tra c as drivers look for alternatives to Whitestone Boulevard. Kwatra said the lower tra c counts along New Hope Drive compared to nearby roads make it ideal for smaller retailers and o ces to move into the corridor before any national brands or big-box stores. CoStar tra c data from 2023 shows that New
“If a community has nothing but residential properties, it ends up leading to higher taxes on homeowners. But if you have ... new businesses nearby, that’s going to provide sales tax revenue, while also generating
more property value.” JIM PENNIMAN MORIN, MAYOR OF CEDAR PARK
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