Penniman-Morin said as global technology and manufacturing companies come to Texas for tax incentives, Cedar Park offers a hub of young talent.
For these companies, the city has prioritized “light industrial” development—a term that often conjures visions of smoke stacks and chemical plants in the imaginations of residents, Penniman-Morin said. In reality, it’s a flexible zoning designation that allows builders to combine manufacturing facilities, office spaces and front-facing retail.
Nearly a dozen new developments—that together span the size of four Lakeline Malls—are planned between South Bagdad Road and Ronald Reagan Boulevard.
Quote of note
“If a community has nothing but residential properties, it ends up leading to higher taxes on homeowners. But if you have ... new businesses nearby, that’s going to provide sales tax revenue, while also generating more property value,” Cedar Park Mayor Jim Penniman-Morin said.
By the numbers
Neerja Kwatra, real estate broker for the Shops at New Hope, said parcels along New Hope Drive are enticing because the road is seeing more traffic as drivers look for alternatives to Whitestone Boulevard.
Kwatra said the lower traffic counts along New Hope Drive compared to nearby roads make it ideal for smaller retailers and offices to move into the corridor before any national brands or big-box stores.
CoStar traffic data from 2023 shows that New Hope Drive had an average of 11,876 vehicles per day compared to 42,400 on nearby east-west corridor Whitestone Boulevard. However, as new development moves into the area, New Hope is expected to see increased traffic.
To accommodate this, construction began on an extension of New Hope Drive to connect it from Ronald Reagan Boulevard to Sam Bass Road. The project, which will include 1.8 miles of new roadway, began in fall 2023 and is anticipated to be complete this spring.
Editor's note: This story is part of a three-part series. To read more about how Cedar Park and Leander are approaching commercial development, click here. For more information about growth along Ronald Reagan Boulevard and the future of both corridors, click here.
