Wolf Lakes Village gets final approval from Georgetown City Council

Wolf Lakes Village's design will be based on an Italian-village motif.

Wolf Lakes Village's design will be based on an Italian-village motif.

Major change is on the way at I-35 and Hwy. 29 in Georgetown after City Council approval of development and tax-reimbursement plans for the 164-acre Wolf Lakes Village project.

On Dec. 11, council members approved final votes to rezone the property to a planned-unit development district and establish a new tax increment reinvestment zone, or TIRZ, for the development.

Plans call for Wolf Lakes Village, which will be located at the northwest corner of I-35 and Hwy. 29, to include 2,400 housing units and 5.3 million square feet of development with offices, hotels, retailers and entertainment venues once built out over the course of the next several decades.

Iva Wolf McLachlan and Donald McLachlan of Wolf Lakes LP are the project’s owners and master developers. They anticipate Wolf Lakes Village will become a regional employment center, home to 4,500 workers and containing more than 725,000 square feet of corporate offices.

The European-style concept’s design will be pedestrian-friendly and include an amphitheater, an open-air pavilion, parks, trails and lakes, according to the developers.

Infrastructure reimbursements


Wolf Lakes Village will be the city’s fifth TIRZ to take advantage of tax increment financing, which allows cities to use property tax revenue to reimburse developers for building public infrastructure improvements such as roads, water lines, parks and trails.

The agreement will reimburse the cost of public infrastructure built by the developers using new property tax revenue generated by the expected increase in property value.

Using the property's 2018 taxable value of $4.6 million as a base, Georgetown’s reimbursement will be set at 70 percent of any new valuation with the city’s total reimbursements capped at $100 million over the course of 30 years.

Williamson County also will participate in the TIRZ with reimbursement set at 50 percent of new valuation and a cap of $30 million over the course of 20 years.

Wolf Lakes LP estimates the development’s property value will reach $1.7 billion by 2050.

Reimbursements would not start until at least 150,000 square feet of commercial development in Wolf Lakes Village receives building permits, according to the TIRZ project plan.

Public improvements planned at Wolf Lakes Village that would be eligible for reimbursement include parking structures and roadway enhancements as well as wastewater and utility-related construction.

An interlocal agreement between the city and county for the TIRZ will go to Williamson County Commissioners Court for approval Dec. 18. Georgetown council members approved the agreement Dec. 11.

The property will be built in multiple phases, according to planning documents. The first construction will build multifamily housing and is anticipated to start in 2019. Retail, commercial and office development will follow.
SHARE THIS STORY


MOST RECENT

The Georgetown-based Texas Speed and Performance, a high-performance aftermarket automotive parts retailer, is expanding its operations in Georgetown. (Courtesy Adobe Stock)
Georgetown's Texas Speed and Performance expands operations

The business will build two new commercial buildings.

This rendering depicts the front of the Costco planned for Georgetown. (Courtesy city of Georgetown)
Costco in process of opening Georgetown location

Costco is looking to develop a members-only retail warehouse in Georgetown.

Wolf Crossing development brings new stores, minor road changes to Georgetown

As businesses begin to open, city and developers address traffic impact along Hwy. 29 and I-35

Georgetown ISD Hammerlun Center for Leadership and Learning is located at 507. E. University Ave., Georgetown.
Georgetown ISD delays Nov. 12 school start by 2 hours

Georgetown on time delay due to weather Nov. 12

The Hammerlun Center for Leadership and Learning is located at 507 E. University Ave., Georgetown. (Ali Linan/Community Impact Newspaper)
Georgetown ISD seeks community feedback on 3 districtwide initiatives

Georgetown ISD seeks community feedback on 3 district-wide initiatives

Mann Eye Institute, Sun City
Mann Eye Institute now open in Sun City

Mann Eye Institute opened Nov. 12.

Aurora Medical Spa opened in Georgetown on Nov. 7. (Ali Linan/Community Impact Newspaper)
Aurora Medical Spa now open in Georgetown

New medical spa open in Wolf Ranch Town Center

Experience the magic of the holiday season in Georgetown at the annual lighting of the square event, held at dusk on Nov 29. (Courtesy Rudy Ximenez)
Feeling festive: 22 things to do in Georgetown this holiday season

Holiday-themed events is Georgetown Nov. 15- Dec. 31

Enjoy Garey Park for free on Tuesdays through March. Attendees can enjoy a hike, playtime at the Play Ranch, pup free time at the Dog Ranch, a horseback ride or fishing in the stocked ponds. (Community Impact Staff)
Charity balls, pub crawls and other fun things to do in Georgetown this November-early December

Check out this list of local events happening November through early December

Olivieri Style Studio is now open in Georgetown.
Courtesy Adobe Stock
Olivieri Style Studio is now open in Georgetown

A new salon is open in Georgetown

The Georgetown ISD NJROTC Annual Military Inspection took place Nov. 6.
Ali Linan/Community Impact Newspaper
Georgetown ISD NJROTC students complete annual military inspection

Georgetown ISD students participate in Annual Military Inspection

Back to top