Mixed-use development complex may be coming to downtown Leander's walkable district

Tynberg presented his ideas for the walkable development to Leander City Council during a council workshop Aug. 3. He called the project, which features parks, streetscapes and plazas, a “vibrant, mixed-use town center” in the presentation.

Tynberg said a grocery store would be the “key initial anchor.” Wherever the grocer selects to be located would influence how the other buildings would develop around it, he said.

“Properly executed retail development will drive success in the other developments,” Tynberg said.

Tynberg made the case for a partnership between his private company and the city in order for the development to come to fruition. Yantis said in the past, the city—through the fund established by the tax increment reinvestment zone, or TIRZ, board formed to help finance development in the TOD district—has reimbursed developers who created public infrastructure improvements through tax revenue incrementally over time.

“I view this project as a true partnership with the city,” Tynberg said.

Tynberg asked to be given the lump sum of the reimbursement up front, which would allow for the city to keep tax revenue generated by the development, but doing so would be a greater risk for the city than what has been done previously, Yantis said.

The first phase of the project would focus on construction and updates to the northeast portion of the lot, Tynberg said. This phase could include water lines, a park, traffic infrastructure, and streetscaping and may cost approximately $15 million, with portions of the price potentially reimbursed by the city, he said.

Yantis said the economic development agreement may be put before City Council by the end of the calendar year.