The details
The proposed development includes multifamily housing with a large retail center for office spaces and dining, according to a presentation from Andrew Alvis, NewQuest Properties senior vice president and development partner.
The developer is NewQuest Properties, a Houston-based commercial real estate agency. NewQuest Properties purchased the 100-acre tract dubbed the Caraway Tract and will work on horizontal improvements, infrastructure and retail. Transwestern, a commercial real estate company, will be working on the multifamily housing component.
By the numbers
The project itself is projected to bring in roughly $3.8 million in property and sales tax for the city and up to $2.7 million in property taxes for Hays CISD, according to the presentation. The project is also estimated to create just over 800 full-time jobs.
Next steps
A public hearing for the creation of a tax increment reinvestment zone for the project will be held Sep. 19, and a development agreement will be presented to council in the coming weeks, City Manager Bryan Langley said.
