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Leander: City Finalizes Approval on Leander Springs Development

Feature Illustration: A concept rendering (above) of the planned Leander Springs mixed-use development. Courtesy: iLand Development Group and STG Design.

Posted: 2-9-2021

by Art Benavidez

Leander (Williamson County) — The $1 billion mixed-use development known as Leander Springs received final approval as a PUD with new zoning from City Council earlier this month.

The 79-acre property was amended to Planned Unit Development/Transit Oriented Development with the base zoning districts of general commercial and multifamily.

The project will be located at the southwest corner of FM 2243 and west of Highway 183-A in the northeast portion of the city.

In October, VBX reported that the city had entered into a partnership to develop Leander Springs, a project with retail, restaurants, entertainment, hospitality, office and residential components. It was stated that upon completion could be worth $1 billion.

The project site is also at the confluence of Mason Creek and Brushy Creek, which is within the boundaries of the master plan.

The City of Leander had previously approved performance-based tax incentives for the project for up to $22 million, as part of an economic development agreement with the Austin-based iLand Development Group, through its proxy, Leander Springs LLC

Highlights of the development include 1,600 multifamily residential housing units, a hotel and conference center, retail shopping, parkland, a 4-acre Crystal Lagoon, along with 10 acres of boardwalk and related amenities.

The lagoon portion of the development will be the first phase of the development constructed, with the other tracts of land listed as future phases, according to documents submitted to the city.

Crystal Lagoon amenities:

  • 2.57-acre waterfront open access area for restaurants, retail
  • 1.2-acre waterfront exclusive hotel access area
  • 1.25-acre family beach area with ticketed access
  • 1.17-acre entertainment beach area with ticketed access
  • 1.3-acre activity beach area with ticketed access

Overall project elements:

  • $700 million in construction
  • 1,500 apartment units and 75 townhomes
  • 253,000 SF of retail, 856,000 SF office space
  • 275 guest rooms for a 90,000 SF five story hotel/20,000 SF conference center

Leander Springs master plan.

Andrey Derevianko, chief financial officer of iLand Development Group, has previously stated they expected a ground breaking ceremony to occur this year.

“The plan is to start in June,” Derevianko said in October. “The worst case scenario would be December. The complete project is going to be six phases and 12 years — it may take longer — but that’s the plan.”

When the development, with a four acre lagoon in the middle, was announced Mayor Troy Hill said it would be a tremendous asset to the city.

“This dynamic mixed-use development is a game changer for our community,” Hill said. “Leander Springs has a phased approach that will bring in much needed commercial development at the beginning of the project while incorporating residential uses in a proportional manner.”

The owner of property is the Austin-based company Colorado River Holdings I, LLC who created the special entity ULTRA8, LLC to own the land.

VBX Project ID: 2020-7518


art@virtualbx.com

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By |2021-02-09T16:55:00-05:00February 9th, 2021|Construction Preview, Feature Story|

About the Author:

Art Benavidez (Construction News Reporter, Central Texas) is a seasoned journalist with over 15-years of experience in writing breaking news and in-depth features at the local level. He honed his research and reporting skills in newspapers and magazines throughout South and West Texas along with expertise in crafting digital content as Managing Editor of New Image Marketing Research Corporation. Benevidez is a Texas native and graduate of UT-RGV.

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