CEDAR PARK, Texas (Austin Business Journal) — A mixed-use senior housing development is coming to Cedar Park, located right next door to the suburb’s under-construction Bell District.

The project, currently named 400 W Park Redevelopment, is being co-developed by Austin-based Periscope Capital Investments and New York-based Verdot Capital, said Robert Wall, principal at Periscope. The project — which could cost more than $50 million — is being developed with retail space on the ground floor and will be right next door to the Bell District, a 50-acre mixed-use project that will include restaurants, apartments, a new city library and 16 acres of green space.

Wall said Cedar Park was chosen as the site of the development because of “solid” population, job and wage growth. He also said the percentage of the population that belonged to the 65 years old and up demographic was examined. According to the U.S. Census Bureau, 9.5% of Cedar Park’s population was estimated to be 65 years or older in July 2021.