“Here is another great example of how this city is a wonderful place to do business,” Mayor Dale Ross said in the release. “This project creates an opportunity for our local companies to expand and offer others a place to relocate or open. This project will help draw new jobs to our community, which is something our residents have asked for, and something that helps make Georgetown the best community for businesses and residents.”
The project is in collaboration with Titan Development and the city of Georgetown and will be developed over phases, the release said.
Phase 1 of the project includes two buildings totaling more than 330,000 square feet as well as the extension of Aviation Drive to intersect with SH 130 and I-35, it said. One of the buildings will be occupied by Georgetown-based Texas Speed and Performance, while the remaining space will accommodate users in need of 25,000-250,000 square feet of space, it said.
The first phase is expected to be completed spring 2021.
“Georgetown is poised to become an important new business center along the I-35 corridor,” said Joe Iannacone, vice president of development for Titan Development, in the release. “With such direct access to major markets such as Austin, Dallas, and San Antonio, we’ve already had exceptional interest from end-users in the e-commerce, logistics, pharmaceuticals, light manufacturing, and agriculture industries. This new park is destined to become a hub of innovation for Georgetown and beyond.”
City Council approved $10.5 million to be reimbursed to Titan Development for the infrastructure improvements, including $8 million from the Georgetown Transportation Enhancement Corp. for the road construction, $1.9 million from the Georgetown Economic Development Corp. for the electric construction and $600,000 from the water capital improvement fund for the water line construction
Reimbursement would be made in three installments if certain terms are met, including construction of the roadway within 24 months, an investment of a minimum of $15 million in capital expenditures, and the developers adhering to approved design and use standards for the construction of the industrial park, the release said.
The new road and the utility line extensions will serve future phases of the NorthPark35 industrial business park as well as other undeveloped properties along Aviation, it said.