Future murky for $1B lagoon-anchored development in Leander

Facing construction deadline to qualify for $22M in incentives

Future Murky for $1B Lagoon Project in Leander
iLand Development Group's Pete Conklin with rendering of Leander Springs (iLand Development Group, Getty)

The fate of a $1 billion mixed-use project in fast-growing Leander hangs in the balance as the developer faces a construction deadline.

The city of Leander, a suburb of Austin, entered a partnership with iLand Development Group three years ago. The city planned performance-based tax incentives of $22 million for iLand to build Leander Springs, a lagoon-anchored development that’s slated for 1,600 apartment units, a hotel and more than 1 million square feet of commercial space. 

But the 78-acre site remains undeveloped, the Austin Business Journal reported

The developer is required to complete the project’s retail portion and Crystal Lagoon by the end of this year to qualify for incentives in the 2020 development agreement.

The agreement could be amended, and Leander officials have urged the developer to submit an amended proposal. Failure to meet the Dec. 31 construction deadline would trigger a public hearing and neighborhood outreach.

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Despite assurances from the city that on-site wells will supply water for the lagoon, concerns persist regarding water scarcity in the region. ILand and Miami-based Crystal Lagoons US Corp. — the company developing the water feature — remain tight-lipped about the project’s status, the outlet said.

If Leander Springs comes to fruition, it would join several other large-scale developments in the area. Another $1 billion mixed-use project, called Northline, is on the way in Leander, although the anchor retail tenant backed out earlier this year. 

Roughly 12 miles east of Leander, in Georgetown, the 164-acre Wolf Lakes Village is starting to take shape, with the first portion opening this past summer. Wolf Lakes Village will feature retail, restaurants, hotels, apartments, a movie theater, offices and medical space.

—Quinn Donoghue 

Read more

A rendering of Leander Springs and Ivan Manzur of Miami-based Crystal Lagoons US Corporation (Leander Springs, LinkedIn, Getty)
Lagoon blues: Undeveloped pit plagues Leander
A rendering of the Northline project, Alex Tynberg and the Hub CEO Brad Zeitlin
Mixed-use project in Leander loses anchor
Obsidian Capital's Glenn Gonzalez and the Glenwood Apartments (Obsidian Capital)
Glenwood Apartments in Leander to be completed in mid-2023
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