Titan Development Real Estate has broken ground on the first phase of the 146-acre NorthPark35 business park at Interstate 35 and Texas 130.
The groundbreaking took place Wednesday, one day after the Georgetown City Council approved $10.5 million for infrastructure improvements for the project, according to a city news release.
The $10.5 million includes $8 million from the Georgetown Transportation Enhancement Corporation for road construction, $1.9 million from the Georgetown Economic Development Corporation for the electric construction, and $600,000 from the water capital improvement fund for the waterline construction, the release said.
The city’s payment for infrastructure improvements will be made in three installments if certain terms are met, including the extension of Aviation Drive within 24 months and an investment of a minimum of $15 million in capital expenditures.The developers also must comply with approved design and use standards in construction, the release said.
The project will be the city’s first master-planned business park, according to the release.
The fitst phase will include two buildings totaling more than 330,000 square feet. It will also include the extension of Aviation Drive so that it intersects with Interstate 35, the release said.
Texas Speed and Performance, a Georgetown-based company, will partially occupy one of the buildings, according to the release. The park is designed to accommodate users who need 25,000 to 250,000 square feet of space.
The first phase is expected to be completed in spring 2021.
“Georgetown is poised to become an important new business center along the I-35 corridor,” Joe Iannacone, vice president of development for Titan Development, said in a statement.
“With such direct access to major markets such as Austin, Dallas and San Antonio, we’ve already had exceptional interest from end-users in the e-commerce, logistics, pharmaceuticals, light manufacturing and agriculture industries. This new park is destined to become a hub of innovation for Georgetown and beyond.”
Georgetown Mayor Dale Ross said in the release that the project will create an opportunity for local companies to expand and other companies to relocate or open.
“This project will help draw new jobs to our community, which is something our residents have asked for, and something that helps make Georgetown the best community for businesses and resident,” said Ross.