The development will be located near FM 2243 and Highway 183-A. It will feature a full-service hotel and conference center, up to 1,600 multifamily residential housing units, retail shopping, parkland and a 4-acre crystalline lagoon. The lagoon will be the centerpiece of the commercial development and it will be surrounded by 10 acres of boardwalk and other amenities.
An Austin-based company called iLand Development Group will build the development. Some of its previous projects include condo and retail developments in the Austin area.
In October 2020, Leander Mayor Troy Hill announced the city would join a partnership to develop Leander Springs. The city approved up to $22 million in performance-based tax incentives for the project.
In order to receive property and sales tax rebates, Leander Springs will be required to meet certain deadlines. For example, during the first phase of development, Leander Springs must have 35,000 square feet of commercial development and the crystalline lagoon completed by Dec. 31, 2023. No more than 400 multi-family residential units may be developed during that time period.
“This dynamic mixed-use development is a game changer for our community,” Hill said in a statement in October. “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.”
PEOPLE ARE ALSO READING: