A massive redevelopment is underway in the Austin area that promises promising retail, restaurant, entertainment, hotel, office, and residential space, as well as a four-acre crystalline lagoon.
Leander Springs is located on the southwest corner of FM 2243 and 183A, approximately 25 miles north of downtown Austin. According to the city of Leander, the 78-acre mixed-use development is expected to be valued at $ 1 billion.
At the center of this new neighborhood is the Crystal Lagoons lagoon, which made waves earlier this year when it opened a similar water feature near Houston. Leander Lagoon will have 10 acres of boardwalk and related amenities and will serve as the “centerpiece” for more than 1 million square feet of commercial development.
In addition to office space, the development promises a hotel and conference center, an increasingly common trend in Austin and the Texas Hill Country. In the past few years, similar all-inclusive resorts / conference center projects have sprung up in places like Round Rock and Fredericksburg.
“This dynamic mixed-use development is fundamentally changing our community,” Leander Mayor Troy Hill said in a city publication. “Leander Springs is taking a step-by-step approach that brings in much-needed commercial development at the beginning of the project and proportionally incorporates residential use.”
In addition to the commercial development and attractions, up to 1,600 apartment blocks are proposed for the project, providing more living space for a region struggling with affordability issues.
On October 15, city officials approved a tax incentive of $ 22 million for Leander Springs – the project’s first major hurdle. As part of the city’s tax incentives, developer Leander Springs LLC is “eligible to receive discounts on property taxes, sales taxes, and hotel occupancy taxes” from the city.
“Our conservative approach in the Leander Springs agreement helps make this project a viable one for developers while also providing a low-risk opportunity for the city,” said Rick Beverlin, manager of Leander City. “The deal enables us to participate immediately in the economic advantages of a property that should generate excellent returns with optimal and maximum use.”
On October 22nd, the plans will be submitted to the city’s planning and zoning commission and, if approved, will be voted on by Leander’s city council on November 9th and December 3rd. If approved, the lagoon and the first 35,000 square feet will become commercial development and should be completed by December 31, 2023.