Per the agreement, the city will reimburse Riverside Resources for infrastructure improvements associated with the construction of Presidio Phase 2, which is planned to have more than 90,000 square feet of office, restaurant and retail space that will be anchored by an Alamo Drafthouse movie theater with 10 screens. The city will reimburse Riverside Resources in an amount not to exceed $1.5 million, according to city documents.
The first phase of the Presidio development opened in 2017 at the southeast corner of Parmer Lane and Ranch Trails Court. It includes 25.5 acres of a 100-acre community with office buildings, retail buildings and urban loft-style apartments, and the fast-casual Italian restaurant Mandola’s Italian Kitchen opened in the development in April.
Economic Development Director Phil Brewer said Phase 2 of the Presidio project was contingent upon the movie theater serving as an anchor for the development. Cedar Park Mayor Matt Powell said he had been in discussions with representatives from Alamo Drafthouse since 2009 and came to an agreement on locating in the Presidio development in the last month.
“It’s the No. 1 rated movie theater in America, and I think it’s high time Cedar Park had one,” he said.
The City Council approved the agreement on Thursday unanimously.