BY GRACE DICKENS
City Center
A closer look
The outlook
Tuscan Village Section 2: completion by 2031 Oaks at Lakeway Phase 2: completion by 2031 Main St. connection: completion by late 2025 Square at Lohmans Crossing: completion by 2031 Commercial Residential
When the Hill Country Galleria opened in 2007, it became the economic engine of Bee Cave, resulting in property tax staying at $0.02 for almost two decades. By comparison, for FY 2024-25, Lakeway passed a property tax rate of $0.1598, which is 6.65% higher than the previous year. The City Center, a mixed-use project off Main Street, is one project expected to generate future sales tax in the city. While the center boasts almost 850 housing units spread among The Oaks at Lakeway Phase 2, Tuscan Village Section 2 and The Square at Lohmans Crossing, it will also offer 350,000 square feet of retail space. “Having a population base within walking distance of their business, it’s going to be a huge attractor for a lot of retailers that want to come into [The Square],” Molis said.
Once complete, The Square will transform the way people travel around Lakeway, said Poke Hookup owner Mark Schulte, whose shop overlooks the future development that plans to build out a new section of Main Street by late 2025 or early 2026. “There aren’t really any challenges for me personally in my business other than just … the amount of foot traffic,” Schulte said. “This building … was really like a dead zone here.” Housing at The Square will also offer Lake- way business employees more housing options, which business owners have said is needed. “Even if you can get the best business in the world there, if you can’t staff it, it doesn’t matter,” Hoffmaster said. What’s next Loyal to Lakeway’s success can take a few forms, according to the city, from more sales tax dollars to businesses taking initiative for efforts. “We just want to facilitate their ability to be successful, but we want them to take over that success,” Molis said. While development of The Square is expected to start soon, the city is still looking for ways to increase connection in Lakeway and will assess the program’s success in the next eight months. “Shopping locally does more than provide convenience; it directly contributes to the quality of life in Lakeway,” Kilgore said in a Nov. 18 news release.
MAIN ST.
620
LOHMANS SPUR RD.
MEDICAL DR.
N
SOURCE: CITY OF LAKEWAY/COMMUNITY IMPACT
Revenue comparison
September 2024-October 2024 Phase 1, planning • Creating campaign materials, partnerships and event plans November 2024 Phase 2, launch • Campaign launched on Small Business Saturday • Website launches, and media alerted of plans December 2024-September 2025 Phase 3, ongoing promotion • Social media posts and newsletters distributed, community events held • Engagement with local businesses and residents continues September 2025 Phase 4, review and adaptation • Campaign’s effectiveness evaluated • Gather feedback and adjust for future initiatives
Based on fiscal year 2024-25 budget information, Lakeway more closely resembles the 2023 state average in terms of its funding sources.
Sales tax Property tax Other revenue sources
Lakeway
Bee Cave
29% 41% Statewide
79.8%: $10.5M 4.95%: $651.7K 15.24%: $2M
28.73%: $5.9M 43.41%: $8.9M 27.86%: $5.7M
30%
$20.5M
$13.2M
Average
SOURCE: CITY OF LAKEWAY/COMMUNITY IMPACT
SOURCES: CITY OF BEE CAVE, CITY OF LAKEWAY, TEXAS MUNICIPAL LEAGUE/ COMMUNITY IMPACT
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