CEDAR PARK, Texas — The Cedar Park City Council unanimously approved the construction of a new mixed-use development along Bell Boulevard on Thursday evening.
The project is part of an agreement with RedLeaf Properties LLC to develop 50 acres to include office space, retail spots, restaurants, parks and a public library.
The development is expected to cost around $350 million. Most of that funding comes through private investments, and around $45 million from taxpayer funds: 4B Community Development sales tax dollars, utility funds and voter-approved general obligation bond funds for the new Library. The City said it expects to fully recoup its investment through development fees for the development, along with revenues resulting from increased sales tax and property value growth in the Bell District.
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Before construction can begin, the City must finish realigning a portion of Bell Boulevard from Buttercup Creek Boulevard to just north of Park Street, opening a large amount of land for development. That realignment is expected to last through 2021.
According the City, the first phase of development on the project will include multiple acres of greenspace integrated with the new library and restaurants. That space will be used for community events like markets, performances and small festivals.
The first phase will also include two blocks of high-density residential buildings with ground-floor retail and two parking garages.
The second phase of construction will provide additional commercial, professional office and residential development, the City said.
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