On Thursday, Leander Mayor Troy Hill announced the city’s partnership to develop Leander Springs, a 78-acre mixed use project with retail, restaurants, entertainment, hospitality, office, and residential components located at the southwest corner of FM 2243 and 183A. Expectations are that a fully developed Leander Springs could be valued at $1 billion.
As part of an economic development agreement with Leander Springs LLC, 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 Public Access Lagoon™ will serve as the centerpiece for more than one million square feet of commercial development including a full-service hotel and conference center currently planned for the property.
“This dynamic mixed-use development is a game changer for our community,” said Hill. “Leander Springs has a phased approach that will bring in much needed commercial development at the beginning of the project while incorporating residential uses in a proportional manner.”
In addition to commercial development, up to 1,600 units of multifamily residential development is proposed for the project. A phasing plan was incorporated into the city’s agreement to require commercial uses to be constructed proportionally with residential uses.
“Our conservative approach in the Leander Springs agreement helps make this project feasible for the developers while serving as a low risk opportunity for the city,” said City Manager Rick Beverlin. “The deal allows us to immediately share in the economic benefits on a property that should provide excellent returns if developed to its best and highest use.”
Leander Springs LLC will qualify for tax rebate payments on the project once certain commercial development milestones are achieved, and only tax dollars generated from new commercial properties qualify. Because rebates are restricted to new development, existing public funds will not be used to finance the project.
