Dallas-based developer eyes Georgetown for huge commercial, residential hub

Rendering of a potential industrial and industrial development in Georgetown from Dallas-based Jackson-Shaw Co.

One of North Texas’ largest industrial developers is eyeing a 224-acre development that could bring nearly 2 million square feet of industrial space plus multifamily units to the north side of Georgetown.

Dallas-based Jackson-Shaw Co. on Dec. 17 received unanimous approval from Georgetown City Council for a slew of agreements for the project. Officials said the company is hoping to break ground within a few months on the development, which is located alongside I-35 north of the intersection with State Highway 195.

While very few details have been released about the development, Georgetown Director of Economic Development Michaela Dollar said during a pair of presentations before the Council on Dec. 14 and Dec. 17 that the project would include roughly 1.7 million square feet of industrial space, 392,000 square feet of commercial space and 388 multifamily units. The estimated assessed value once the project is done is $246.7 million.

Council unanimously voted to establish a tax increment reinvestment zone for the space to help pay for needed infrastructure improvements at the site. Council also passed a pair of agreements to reimburse Jackson-Shaw for the costs to construct those improvements.

As part of the agreements, Jackson-Shaw will receive a total of $13.1 million in incentives, including up to $8.5 million in tax increment funds gained by the city in the TIRZ that will help pay for an estimated $10 million sewer line and $4.6 million from the Georgetown Transportation Enhancement Corp. to construct FM 972 adjacent to the property.

In return, Jackson-Shaw is required to complete the first phase of construction, which includes at least 400,000 square feet of speculative industrial development, by June 2025, a date that Dollar called “conservative.” The company is also required to have at least $24 million in capital expenditures during the first phase.

The development would mark another massive industrial park in the northern part of Georgetown, a city with a 2020 population of 67,176, according to the U.S. Census Bureau.

Courtesy of Austin Business Journal. See the full article here.