The Cedar Park City Council announced an intention to bring the headquarters of the United States Tennis Association Texas to a $1.5 billion mixed-used development Thursday night.
The development, called Indigo Ridge, will be on 155 acres at Whitestone Boulevard and Sam Bass Road, “right in the middle of the city,” said Ben White, Cedar Park’s economic development director. The city also has a proposed $60 million incentive agreement with the Indigo Ridge partners which will be considered by the city council within the next 90 days.
“It is the biggest project in Williamson County investment wise,” said White, Cedar Park’s economic development director.
It is expected to provide $138 million in tax revenue to the city of Cedar Park over 20 years, White said. “This allows us to take a lot of pressure off of property taxes for residents,” said Cedar Park Mayor Corbin Van Arsdale.
The Indigo Ridge Partners will have to build a certain amount of property before receiving rebates back on property and sales taxes that will not exceed $60 million over a 20-year period, according to the proposed incentive agreement.
Indigo Ridge will include more than five million square feet of commercial and residential development including restaurants, hotels, apartments and offices. It will be built over six phases, with the first phase expected to start immediately, White said.
The United States Tennis Association Texas will occupy a five-story sports performance center at the development, which will also have 40 tennis courts including six to eight indoor courts.
“With regional employment growth from companies like Dell, Google, Oracle and Emerson, and the massive nearby expansion by Apple, the
USTA Tennis Center will be an added draw for future corporate relocations to Indigo Ridge” said Michael Kennedy of Avison Young, the brokers for the project. Internationally known design firm Gensler created the masterplan for the development, which includes outdoor public gathering spaces and multigenerational healthy living communities that complement the USTA program.
“The tennis facility addition is a game-changer for Cedar Park,” said a press release from the city. “It anchors an already projected high-end Mixed Use Development with a premiere sports and athletic partner, making it unique from anywhere else in Texas. It transforms Indigo Ridge into a true “destination development” – drawing high-level athletes and sports fans from all over the country to Cedar Park, where they will stay, dine, shop and play.”
“It’s a magnet for kids, the public and professionals,” said Van Arsdale. “It attracts all kinds of investment in Cedar Park. It’s awesome. It’s exciting. It’s a big day for Cedar Park. I’m proud of our staff and our Council for scoring a major, Class A employment and leisure hub anchored by a prominent athletic headquarters move.”