Georgetown developer Randy Mongold is working on a project that could bring more than 900,000 square feet of commercial development to the northwest corner of Lakeway Drive and I-35.
The Pecan Branch Georgetown project includes 110 acres for retail and commercial space that could include big-box retailers and restaurants, he said.
This is the only intersection [in the city] that has this mass of land to do this kind of project, Mongold said
On Sept. 17 the Georgetown Transportation Enhancement Corp. approved beginning the process to see if the project would qualify for funding to help build a new road on the north side of the development that could be known as Pecan Center Drive and eventually connect to Aviation Drive.
I was going to build a private road into the project, but it may be a win-win-win if the road were built through the top of the property to support future development, Mongold said, adding that to build the road he would require funding from the city. We recognized that that was opening the door to develop the property to the north of this project.
Funding could also be used to improve the intersection of Lakeway Drive and Airport Road and portions of Airport Road; however, those projects could also be included in the proposed May 2015 transportation bond.
City Councilman Tommy Gonzalez, who also serves on the GTEC board, said the project would be the premier site for entrances and exits, referring to the sites location, which has frontage along Airport Road, Lakeway Drive and I-35.
Mongold said he was still working with the city to get final approval for the project, with approximately 75 acres needing to be rezoned to Commercial C-3. Platting for the project could continue into early 2015.
If approved, construction on the projects infrastructure, including roads and utilities, could begin in early 2015, and vertical construction on the commercial centers structures could begin in mid-2015, Mongold said.
Mongold said he has received interest from several big-name retailers.
Most [businesses want to] see commitment [from] the city, Mongold said. Thats what we are still working on. I really dont see any issues with the city. Theyve been very supportive of the project, and I think part of that support is because of the spreading out of retail because the existing concentration of retail is pretty overwhelming.
Mongold said he anticipates the developments customer base will include Sun City residents as well as people driving in from Jarrell and farther north along I-35 such as Killeen, Belton and Temple.
This really is a regional project, Mongold said.