Leander Springs LLC is bringing a mixed-use project located at the southwest corner of FM 2243 and 183A in Leander. The city approved up to $22 million in performance-based tax incentives for the project as part of an agreement with Leander Springs LLC.
Included in the project is a 4-acre crystalline lagoon powered by Crystal Lagoons technology, surrounded by 10 acres of boardwalk, retail, restaurants and similar amenities. This project could be valued at $1billon.
The 78-acre project is set to be completed in phases. Leander Springs LLC is eligible to receive rebates from the city on property taxes, sales taxes and hotel occupancy taxes collected as Leander Springs develops.
The city is offering property and sale tax incentives to Leander Springs requiring they complete their phases within the time frame. To receive additional tax breaks, “Leander Springs must have 100,000 square feet of commercial development for every additional 250 multifamily residential units developed,”(Community Impact). According to Community Impact, there will be two phases:
Leander Springs must have 35,000 square feet of commercial development; the crystalline lagoon and no more than 400 multifamily residential units may be developed during Phase 1. This phase must be completed by Dec. 31, 2023
Within 5 years of receiving the first certificate of occupancy. Leander Springs must have 100,000 square feet of commercial development after the construction of Phase 1. Only 250 multifamily residential units may be developed during Phase 2.
On Oct 22, 2020 proposed zoning of Leander Springs will be presented to the Leander Planning and Zoning Commission. If approved, the Leander City Council will decide if Leander Springs can begin construction. This will be the first crystal lagoon in Austin, TX.