Business park deal OK’d by city of Leander
Titan Development to partner on project
The Leander City Council has approved an economic development agreement with Titan Development to build a 115-acre business park.
At full capacity, the yet-to-be-named business park is expected to offer up to 1.3 million square feet of industrial space among the Austin region’s strong demand for that type of space.
Brokers have said they expect demand for warehouse and distribution space in Central Texas to remain strong for the foreseeable future, fueled by large manufacturing, semiconductor and electric vehicle companies and related suppliers, as well as e-commerce and other industries.
Titan’s development will be at the northeastern intersection of Hero Way and County Road 270. An official groundbreaking date has not yet been set, but is expected in the third quarter.
Titan is expected to invest $84 million in the project.
“We are pleased to develop this park in partnership with the city of Leander. Leander and surrounding areas have historically been underserved by Class A industrial offerings,” said Joe Iannacone, Austin-based Partner with Titan
Development. “With access to (U.S.) 183A, a major highway, and in close proximity to a large highly skilled labor pool, this park is well positioned for success within Austin’s rapidly growing industrial market.”
After approval of Titan incentives at last Thursday’s meeting, the Council also approved the annexation and zoning for the property.
City incentives include up to $3.575 million in cost-sharing reimbursements for improvements to County Road 270.
Full build-out of the Titan business park is anticipated in 2035. City officials say the development could generate $18.5 million in combined tax and utility revenues over the next 10 years.
Titan plans to build the project in three phases with 200,000 square feet of buildings and at least $24 million in capital investment identified for the first phase, which must be built within five years.
Titan must meet the following performance criteria as outlined in the incentive agreement:
Phase 1 – 200,000 square feet of industrial buildings and $24 million total investment by 2029
Phase 2 – 400,000 square feet of industrial buildings and $48 million
total investment by 2032
Phase 3 – 700,000 square feet of h industrial buildings and $84 million total investment by 2035.
Bounded by the future extension of San Gabriel Parkway to the north and Hero Way to the south, Titan’s proposed location falls within the city’s designated future employment center. As one of the community’s largest proposed business park projects to date, city officials hope it will spur renewed commercial and industrial development interest in Leander.
“Titan’s development will add significant resiliency to the Leander economy and should help attract future employers to our area,” Leander Mayor Christine DeLisle said.
Titan Development is one of the largest and most active industrial developers in the Austin region, which has strong demand for industrial space.
The firm has completed more than $3 billion in real estate development with over $400 million of assets under management and more than 20 million square feet of developed real estate.
In fast-growing Leander, the population now stands at more than 80,000 residents. Leander was less than half that size just 10 years ago, and it has been ranked one of the fastest-growing cities in the nation since 2015.