LEANDER, Texas (KXAN) — City leaders in Leander announced plans this week to build a new billion-dollar development that will include a hotel and lagoon.
The 78-acre mixed-use project is called Leander Springs, and it’s set to be built at Farm to Market Road 2243 and the 183A toll road. As part of an agreement with Leander Springs LLC, city leaders approved $22 million in tax breaks.
The current plans include a four-acre lagoon surrounded by 10 acres of boardwalk. On top of retail, restaurants and office space, the proposal includes building 1,600 homes.
During a news conference Thursday at Leander City Hall, Mayor Troy Hill said, “This is the type of project that doesn’t come along very often, and, for Leander, it’s one more aspect of making us the best town in Central Texas, possibly the whole state of Texas.”
The city laid out milestones that the project should meet during its development to receive rebates on property taxes, sales taxes and hotel occupancy taxes. For instance, during the first phase, a news release from the city stated that Leander Springs must have 35,000 square feet of commercial development and completed the lagoon by Dec. 31, 2023 to get the property and sales tax rebates. The project must also include development of 400 homes during that same time period.
“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,” city manager Rick Beverlin said in a news release. “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.”
The city’s planning and zoning commission will receive a presentation on the proposed zoning for Leander Springs on Oct. 22. The Leander City Council is set to vote on the zoning requests during its meetings on Nov. 19 and Dec. 3.