Some context
Back in November, K29 1941 Investments submitted an application to the city claiming “vested rights” regarding the proposed project. Typically referred to as “grandfathering,” vested rights allows an entity to continue a development project that was adopted under a municipality’s previous regulations.
The previous property owner entered into a development agreement with the city of Liberty Hill for the proposed project back in 2005. Later in 2021, K29 1941 Investments took ownership of the property and project, according to city documents.
While the development agreement was signed back in 2005, the land still remains undeveloped today, nearly 20 years later.
Stakeholders with K29 1941 Investments are now ready to move forward with the project and are requesting to be “grandfathered in” under 2005 regulations, a city official said.
However, Liberty Hill leaders now have to decide whether or not they are going to accept the project owners’ appeal and provide them with a vested rights determination.
About the project
The proposed project is a blend of mixed-use development featuring retail and commercial components stretching across the northwest and northeast corners of Ronald Reagan and Hwy. 29.
In the near term, a 50-acre commercial piece is planned for development, while the rest is undetermined, said David King, K29 1941 Investments’ lawyer, during a January City Council meeting.
Ed Horne, Santa Rita Ranch development manager, said the proposed project will be connected to the Santa Rita Ranch neighborhood.
Going forward
The city has 30 days from Feb. 14 to provide K29 1941 Investments with a decision.
Should council allow the development to move forward, Horne said the construction timeline would still be unknown due to difficulties with financing and market demand.
“The market today is difficult. Financings are difficult," he said. "It really depends on the market demand."
