The land will be developed into the CrossPoint Business District. The development was approved by Georgetown City Council as a Tax Increment Reinvestment Zone in Dec. 2021.
According to city documents, Georgetown will reimburse $8.5 million of a $10 million 2.3-mile wastewater interceptor to serve the property and Georgetown Transportation Enhancement Corporation revenue will fund a $4.6 million extension of FM 972.
CrossPoint is located on the west side of IH-35, north of the intersection with SH 195 and south of CR 143.
Phase 1 of the project represents 61.7 acres and will be a three-building business park totaling 488,000 square feet. Additional phases in the remaining 162.3 acres are projected to have a combination of industrial, commercial and multifamily developments.
Onx Homes has signed a lease for Building 1 of Phase 1 for a total of 204,000 square feet. Onx Homes has more than 3,000 homes under advanced development with regional offices in Austin, Dallas and Miami.
“We are excited to partner with Jackson-Shaw to not only bring a quality business like Onx Homes to our northern quadrant but also to complete a major infrastructure project that will pave the way for development in this area,” Georgetown Mayor Josh Schroeder said in the release. “The possibilities for the entire development are endless.”
“We foresee a record year for commercial real estate investment, particularly for sought-after industrial and multifamily assets,” Grant Pearson, vice president of development at Jackson-Shaw said in the release. “CrossPoint Business District is an excellent example where the city of Georgetown has remained steadfast in its focus on expanding employment opportunities while preparing for the strategic growth that everyone knows will come."
Jackson-Shaw plans to break ground on Phase 1 in April with expected completion by summer 2023.