$250 million mixed-use project breaks ground in Cedar Park

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Oct 5th, 2023

Crews have broken ground on New Hope, a $250 million mixed-use project that will be developed in phases in Cedar Park.

The development, near the 183-A tollway and New Hope Drive, ultimately will bring upwards of 500,000 square feet of industrial space on 48 acres. Plans call for building retail and other mixed-use development on another 40 acres.

Austin-based real estate firms Cordova Real Estate Ventures and Riverside (formerly Riverside Resources) assembled the acreage, six parcels in all, for the project.

A third established name in local real estate — Live Oak — has joined the partnership that’s developing the first industrial phase. That phase will consist of three buildings with a combined 271,689 square feet of industrial space. The shell space is due to be completed next spring.

The second phase calls for an additional 213,700 square feet of industrial space.

In late April, Cordova and Riverside obtained $4.5 million in infrastructure reimbursement payments to help offset the costs of developing the project.

Previously named New Hope Corporate Park, the project has been renamed New Hope.

“What makes New Hope particularly special for industrial users is its close proximity to retail, restaurants and entertainment options,” Chris Whitworth, a partner with Cordova, said in a news release. He said that more than 45 such options are within a one-mile radius of the site.

A 500,000-square-foot NFM (formerly known as Nebraska Furniture Mart) is slated to anchor a 117-acre mixed-use development with accompanying retail space, as well as the city’s first full-service hotel and conference center.

Cedar Park has made headlines in recent years for its population and job growth. It ranked as the seventh-fastest-growing large city in the U.S. in 2020, according to the U.S. Census Bureau. From 2010 to 2019, Cedar Park’s population grew 44.2%, to 79,262 residents, the bureau’s figures show.

In January, SypherPK opened its $10 million video game streaming production facility called OniStudios. Other companies that are working on projects include Mapping LLC, a geospatial data and construction services firm; baseball and softball scouting company Perfect Game Inc.; Hyliion Holdings Corp., a trucking technology company; Firefly Aerospace Inc., a space commercialization company; and ETS-Lindgren Inc., which manufactures electromagnetic and acoustic energy components.

For the New Hope project, Live Oak is handling the marketing and leasing of the industrial spaces. Zapalac/Reed Construction Co. is the project’s general contractor, McFarland Architecture is the architect and Malone Wheeler is the engineer.

Future phases with a mix of uses are being designed, including a 32-acre tract facing 183-A. That section is planned for uses that could include entertainment, restaurants, retail, hotels, research and development, and office space. 

The retail portion, called the District at New Hope, also is beginning to take shape. Cuaso Design Studio is helping craft the concept plan. Travis Robertson with JLL will handle the marketing and leasing of the retail and restaurant space, while Graham Carter with Cordova is marketing the land parcels.

This article originally appeared on Austin American-Statesman: $250 million mixed-use project breaks ground in Cedar Park

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