Photo rendering by the City of Leander.
A proposed $1 billion development is coming to Leander. Leander Mayor Troy Hill announced this development on October 15th. Here’s what the project entails.
The 78-acre lot will be home to retail, restaurants, entertainment, hospitality, office, and residential elements. It will be located at the southwest corner of FM 2243 and 183A.
Part of the deal includes an economic development that promises the developer, Leander Springs LLC, to build a 4-acre crystalline lagoon. This lagoon, powered by Crystal Lagoons technology, will be surrounded by 10 acres of boardwalk and related amenities. The lagoon will be filled with water once then closed to be a sustainable use of water. The economic development piece is the more than 1 million square feet of commercial development. Included in the development will be a full-service hotel and conference center.
Residential development will also be a part of the deal. There was a proposal for up to 1,600 multifamily residential development.
This project will be paid for by tax dollars only generated from new commercial properties since rebates are restricted to new developments. The project will not use existing public funds. The developer is eligible to received deductions from the city on property taxes, sales taxes, and hotel occupancy taxes once developed.
Phase 1 will have 35,000 square feet of commercial property and the lagoon completed by December 31st, 2021. There can be no more than 400 multifamily units developed as well.
Phase 2 will have 100,000 square feet of commercial development within five years of stage 1. There can be no more than 250 multifamily units developed during Phase 2.
There are limits on multifamily units per phase. For every 250 multifamily residential units, 100,000 square feet of commercial space must be developed.
A zoning meeting took place on October 22nd. The Leander City Council will make a final decision during the first and second readings of the zoning request on November 19th and December 3rd of this year.
Here is the proposed zoning plan.
If you’re just as excited about this opportunity as us, let us know on Facebook! Take advantage of the low home prices now before they skyrocket after this development. If you want to know more about Leander, contact us today. We are always happy and excited to share our knowledge with you. Contact Cummings Team® by clicking here or call or email: 512-619-3186 | email@example.com.