Majestic Plum Creek Business Park is expected to be complete late next summer, said owner Mike Beltz.
Original: Kyle City Council unanimously voted to approved an economic development agreement Tuesday with Majestic Realty Co. to construct a business park on the southwest corner of Kohler Crossing and Kyle Crossing.
The approximately 535,113-square-foot Majestic Plum Creek Business Park will consist of two or
more buildings with anticipated tenants to include manufacturing, light industrial, assembly, distribution, office, e-commerce, retail or wholesale sales, and warehousing businesses.
In order to attract and retain developers like Majestic Realty, the economic development agreement—known as a Chapter 380 agreement—authorizes the city to offer incentives designed to promote economic development, such as commercial and retail projects.
According to the agreement approved Tuesday, the city of Kyle's economic development department will offer Majestic Realty a five-year rebate on property taxes that will diminish proportionally as the proposed buildings are leased.
"With this addition, we would have a little over a million square feet of 'spec' space within a mile in the city of Kyle, which is really unheard of in our region," said Diana Torres, the city's director of economic development.
The 1 million square feet of spec space in Kyle will be an accumulation of the Majestic Plum Creek project and another recent project. Hillwood Properties broke ground on a two-building distribution and fulfillment center called Hays Logistics Center at 300 Vista Ridge, Kyle. The center will include more than 400,000 square feet of leasable space and aims to support the area's growing e-commerce and logistics industries.
Hays County Commissioners Court will vote June 26 for final approval of the business park to begin construction.