Editor's note: This story was updated to include the estimated completion date of the first phase, provide additional funding information and clarify that the project will span nearly 500,000 square feet, not 430,000 square feet, as previously reported.

The first phase of a mixed-use development called New Hope broke ground in Cedar Park on Aug. 31.

According to the New Hope development team, the complete development will contain upwards of 500,000 square feet of industrial space on 48 acres of land with plans to build retail and other mixed-use property on another 40 acres of land. Per a news release, the project will cost $250 million.

Two-minute impact

Austin-based real estate firms Cordova Real Estate Ventures and Riverside are developing the project, located northeast of 183A Toll, in multiple phases. The first phase will span 271,689 square feet and consist of three Class A industrial buildings, or new structures built in desirable locations. According to the New Hope development team, the first phase is estimated to deliver completed shell space in spring 2024 with tenant finish outs starting as soon as January.

Cordova founding partner Chris Whitworth said there are nearly 50 retail, restaurant and entertainment options within a 1-mile radius of the project, making this area “particularly special” for industrial users.

“It’s an amenity offering that’s unparalleled for this type of space,” Whitworth said in the release. “Cedar Park continues to rack up economic development wins with a diversity of users like NFM [formerly known as Nebraska Furniture Mart] and Shops LC. We plan for this project to further complement that activity.”

In April, Cordova and Riverside secured $4.5 million in infrastructure reimbursement payments to help offset project development costs, according to the release. The development team added that funding for future phases will be determined as the project progresses.

Looking ahead

The second phase of New Hope will span 213,700 acres and feature Class A industrial buildings. Additionally, a future 32-acre parcel facing 183A Toll is also in design. This section of the property is zoned for mixed-use commercial development and could include entertainment, hotels, offices, restaurants and retail.