The project, dubbed Project Two Step, would be located on the east side of I-35 and FM 150 E. The developer is Capella, an Austin-based commercial real estate and development firm.
About the project
The proposed mixed use development would have a variety of amenities, including:
- Pickleball courts
- Amphitheater
- Fountains
- Interactive pond with paddleboarding, canoes
- Parking garage
- Parkland, dog park
- Vybe trail construction
- Public art, murals, statues
The impact
The developer is requesting $14.3 million through a Chapter 380 Agreement which will be paid through 50% of property and sales tax rebate for approximately 15 years, according to a presentation.
The city is projected to receive a net benefit of $22 million in sales tax and $40 million in property taxes over the next 20 years from the project outside of the Chapter 380 Agreement.
Quote of note
Todd Dailey, co-founder and managing partner at Capella emphasized supporting local.
“We don’t want these national chains in there," Dailey said. "We want it to be local as much as possible.”
What’s next?
City staff will continue working with the developer to bring back a formal development agreement that will include a planned unit development and Chapter 380 Agreement document for council consideration. There will also be a public hearing for the rezoning of the property at a meeting in February or March.
