Updated 12/12/18 – We have an update about Wolf Lakes Village; construction is slated to start in Early 2019 with the building of an apartment complex on the Hwy 29 side of the property.
From the City…”Initial plans for….Wolf Lakes Village were approved by the Georgetown City Council at their meeting last night 12/11. The project includes office, retail, entertainment, hotels, and 2,400 housing units totaling 5.3 million square feet of development phased over several years.
“The town center concept for Wolf Lakes Village features a walk-able neighborhood with an amphitheater, open-air pavilion, plaza square, pocket parks, playgrounds, trails, and lakes. The project at the northwest corner of Interstate 35 and University Avenue in Georgetown is projected to begin construction next year.
“Wolf Lakes Village is designed to include a regional employment center with more than 725,000 square feet of corporate office space that would be home to 4,500 employees. This type of development with office space will create a higher tax value than traditional retail development.
“The developer estimates the complete development to be valued at $1.7 billion by 2050, versus $460 million if developed as a traditional shopping center.
“The dense, multi-use development planned for Wolf Lakes will have a variety of public infrastructure needs, including roads, drainage, utilities, structured parking, park development, and trails.
“A tax increment reinvestment zone for the Wolf Lakes development area—the fifth such zone in Georgetown—will be used to help fund this public infrastructure.
“The reinvestment zone sets a base year after which new property tax generated by increased values in the Wolf Lakes development will help to reimburse public infrastructure constructed by the developer.
“The new property tax value created within Wolf Lakes project itself funds the public infrastructure, not any property tax revenue from outside the Wolf Lakes reinvestment zone.
“The City of Georgetown will participate in the reinvestment zone at 70 percent of new valuation with a cap of $100 million in reimbursement over 30 years.
“Williamson County will participate at 50 percent of new valuation with a cap of $30 million over 20 years. Reimbursements can begin after 150,000 square feet of commercial development has been permitted.
“Public improvements planned for Wolf Lakes Village include enhancements to nearby roads such as the I-35 and University Avenue intersection as well as other off-site improvements.
“The City of Georgetown is working with developers, Williamson County, and Texas Department of Transportation to proactively plan capital improvements to improve traffic flow in conjunction with development in the area.” From the City of Georgetown 12/12/18
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Updated 11/29/18 – There have been some developments! On Tuesday the City Council give initial approval to give an estimated $91 million of the property taxes it will earn over a 30-year period from the 164-acre planned development.
The money will be used to pay for infrastructure costs including five parking garages, utilities and streets. The vote on a final approval will be Dec. 11th, 2018. Construction is slated to start in 2019.
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Update August 8, 2018. The new 164 acre development, Wolf Lakes Village, is underway, here’s the status as of July 2018.
Annexed and located within the city limits of Georgetown, Texas.
Phasing Plan approved by City of Georgetown.
Architectural Site Plan/Design Guidelines complete.
Planned Unit Development (comprehensive site zoning) – drafted and approved by City Staff of Georgetown.
Clean site with no environmental hazards.
Boundary and Tree Survey complete.
All utilities available to site.
Engineering for all infrastructure complete.
Regional Water Quality/Detention Plan in place.
Traffic Impact Analysis – Approved by the City of Georgetown.
Located in the NW corner at Interstate 35 and Texas Hwy 29; the community would include a wedding chapel, three lakes, a plaza and arched bridges, a cinema, cathedral and 3500-seat amphitheater.
12/2017 – Earlier this year Ken and I attended a meeting at the Georgetown Chamber of Commerce were Iva Wolf McLachlan shared with us the plans for Wolf Lakes Village; a 164 acre development that would be fashioned after villages in Italy.
The development would include 4 million square feet of space for corporate campuses, a cathedral, bell tower, apartments, homes and retail. Ms. Wolf McLachlan described a place where people could live, work, shop and play.
The development expects to bring jobs to Georgetown and would be home to 5000 people. The Wolf Lakes Village would reflect the romance of an Italian village, with stone buildings and other features.
Wolf Lakes Village will likely be considered for approval by the Georgetown City Council in February, break ground in the spring and be built out within 10 years. ~Some information from the Austin American Statesman
Here’s a short video showing the developers vision.