Construction begins on 95-acre project that will bring industrial, office and retail space to Cedar Park

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Sep 5th, 2023

Joint venture of three Austin firms priced at $250M.

More details have been revealed about a 95-acre mixed-use project that could bring ample office and retail space to a fast-growing suburb northwest of Austin.

Dubbed the “New Hope” project, the development is a joint venture of three Austin-based real estate firms — Cordova Real Estate Ventures, Riverside Resources and Live Oak — at the northeast corner of U.S. Highway 183-A and New Hope Drive. The $250 million project is expected to total at least 430,000 square feet of industrial space, along with potentially 29,000 square feet of retail space.

The companies, alongside representatives from the city of Cedar Park, held a groundbreaking Aug. 31 for the first phase of the project, which consists of three class A industrial buildings totaling 271,689 square feet. The second phase calls for an additional 213,700 square feet of class A industrial, according to an announcement.

“While the first phase of industrial space is being built speculatively, we have already experienced great interest and activity — which is a sign that our instincts regarding pent-up demand are proving true,” said Ryan Whalen, vice president and partner of Live Oak, which is handling marketing and leasing for the industrial spaces. “Demand for industrial space has been consistently strong in our region.”

The groundbreaking comes about four months after developers secured $4.5 million in infrastructure reimbursement payments to help offset development costs. The agreement stipulates that the first phase, a $50 million investment and 225,000 square feet of office space, has to be completed by 2026; phase two, which provides an additional 180,000 square feet of office space and a $50 million investment, must be complete by 2029; and phases three through five, or $150 million of commercial space, must be finished by 2033. Live Oak is only involved in the first phase of the project.

The agreement with Cordova’s New Hope Corporate Park LLC — codenamed “Project Lane” — will provide $4.5 million in public money based on the company hitting benchmarks. Public officials noted back in April they have been working on the project “for quite some time” and last year took acquired a triangular piece of property to sell to the developer, increasing the size of the corporate park. Plans call for six buildings to rise across five phases. Scottsdale Crossing would also be extended to New Hope Drive.

The retail portion of the project, which is being marketed as The District At New Hope, consists of four retail outparcels for retail alongside 183-A, according to a site plan. Future phases of the project are also in design, including a 32-acre parcel facing 183-A, that could be slated for a mixed-used commercial development including entertainment, restaurants, retail, hotels, research and development and office space uses.

Williamson County property records show that New Hope Land LP — an entity tied to Riverside — owns the parcels that make up the site.

The project will add a notable amount of corporate and dining options to one of the fastest-growing cities in the region. Cedar Park, which is about 20 miles northwest of Austin, had a population of 77,642 in 2022, according to the U.S. Census Bureau estimates. The city is home to several fast-growing companies, including rocket maker Firefly Aerospace Inc. and electric-vehicle trucking company Hyliion Holdings Corp. (Nasdaq: HYLN). Israeli educational technology company Compedia also recently selected the suburb for its North American headquarters.

The migration of people and companies has attracted large-scale lifestyle projects, such as the redevelopment of Bell Boulevard, a huge mixed-use site anchored by a Nebraska Furniture Mart and the new headquarters of Perfect Game Inc.

Chris Whitworth, a partner with Cordova, said in an Aug. 31 statement that the project is unique for industrial users because of its close proximity to retail, restaurants and entertainment options. That includes 45 options within a one-mile radius of the site.

“It’s an amenity offering that’s unparalleled for this type of space,” Whitworth said. “Cedar Park continues to rack up economic development wins with a diversity of users like NFM (formerly known as Nebraska Furniture Mart) and Shops LC. We plan for this project to further complement that activity.”

It was also celebrated by the city of Cedar Park.

“The New Hope Corporate Center investment in Cedar Park is another indication that our community’s highly talented and innovative workforce continues to attract employers and that our economic outlook remains strong,” Cedar Park Mayor Jim Penniman-Morin said, said in a statement.

Others involved in the project include general contractor Zapalac/Reed Construction Co., architecture firm McFarland Architecture and Malone Wheeler as the engineer.

Travis Robertson with Jones Lang LaSalle Inc. will handle the marketing and leasing of the retail and restaurant space, while Graham Carter with Cordova is marketing the land parcels.

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