Cedar Park's Bell District project, planned as a 'downtown-like' destination, gains steam
Cedar Park's Bell District project, planned as a 'downtown-like' destination, gains steam
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Off the top of his head, RedLeaf Properties LLC Partner Rob Shands can name the exact day the Austin developer signed its master development agreement to build out the Bell District mixed-use project in Cedar Park. It was February 27, 2020, just a few weeks before the world shut down because of the coronavirus pandemic.
A lot has changed since, especially in the development world. Construction costs have risen due to changes in interest rates and supply-chain boondoggles. Consumer behaviors are different, driven by things like the work-from-home trend, online shopping and the frequency with which people partake in entertainment options, such as dining out. Austin's booming housing market, especially when it comes to multifamily, has softened.
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That's why Shands considers it a big accomplishment for his company to get where it is today on the Bell District project, which aims to bring a downtown-like destination to the suburb northwest of Austin. A city library and park and trail system at the front of the project are on pace to open this fall. The Texas Farmers' Market at Lakeline recently relocated to the site. Completion of infrastructure is nearing that will enable retail and restaurant, multifamily and office components to come online quickly.
The project itself has grown in size and investment. It's now 54 acres after the developers added an additional five acres, and it's expected to cost at least $750 million at full buildout, Shands said. Over the next few years, it's expected to have more than 15 acres of city-owned park and trail systems dotted with century-old trees, 80,000 square feet of retail space, 170,000 square feet of office space and 1,500 multifamily units.
"From the get-go, and with support from the City Council, staff and most importantly, the community, the desire has always been for the Bell District to be that downtown central gathering point, heartbeat of the city, that place that folks identify to and is known as the iconic center," Shands said. "That's been the vision since day one, and I think we've only gotten more excited and more committed to that and believe even more so today than at the beginning that that will be case."
City officials said the 47,000-square-foot library will have a variety of learning and community connection opportunities, such as expanded resources, STEM kits, maker spaces, fabrication equipment like 3D printers and more. The park will have trailhead connections to adjacent neighborhoods, a play structure in the shape of a mockingbird surrounded by wildflowers, as well as public restrooms.
“I love how the design of this park stays true to the community’s desire to create a unique gathering place in the heart of our city and how it integrates public art in a natural setting," Cedar Park Mayor Jim Penniman-Morin said at an April groundbreaking for the park. "The preservation of all these heritage trees speaks to our goal of responsible stewardship of natural resources and is the perfect background for our new library."
Those were among the updates provided for the long-anticipated project that is expected to offer more entertainment options for Cedar Park, which has a population of 78,000. The city has attracted a number of corporate headquarters in recent years, and it's amenities include the H-E-B Center, which is home to the Austin Spurs and Texas Stars, affiliates of the San Antonio Spurs and Dallas Stars.
Cedar Park and RedLeaf, a developer known for overhauling the old Highland Mall site in Austin, in February 2020 entered into a public-private partnership for the project, which was initially estimated to cost $350 million. City officials previously estimated that 87% of that cost would be paid with private dollars, while the city would pick up the other 13%. The Council has approved $15.25 million from the city's Community Development Corporation and $1.4 million from the city's utility fund to pay for infrastructure within Bell District, including roads, pedestrian improvements, water infrastructure and parking garages.
On June 3, Shands sat at his office within the site — located on city-owned land on Bell Boulevard between Buttercup Creek Boulevard/Brushy Creek Road and West Park Street — and lauded the progress that has been made so far. That has included relocating Bell Boulevard by several hundred feet, as well as library construction that's well underway and an example of top-quality design standards that the city and developer agreed upon.
Despite high interest rates and other headwinds, "our partnership with the city has been so strong and so good that we've really been able to work through all of these challenges together and, really, I think we're in a place where we're going to come out better for it," Shands said.
Plenty has happened with the project since it was first approved and construction broke ground in 2022. Shands said the biggest change — which came from community feedback — was a tremendous desire for food and beverage and retail opportunities that go beyond what Cedar Park currently has to offer. No tenants have been lined up, but he described interest as "tremendous."
"We're looking ... to really to focus our efforts in bringing some quality food and beverage online and we're doing it in a different format," Shanes said. "Typically in suburban development you see your restaurants predominantly facing the street. (But) we've kind-of turned everything inward and centered it around the Backyard, which is our primary kind of green space amenity."
The first phase also is set to include at least two multifamily projects, with ground-floor retail, and potentially brownstone-style communities. The first multifamily building is designed and nearing permitting, and essentially is shovel-ready. While Shands said a developer — which he wouldn't name — has been lined up, shifts in financing and softening of market demand for multifamily options mean it likely won't break ground until summer 2025. Buildout is expected to take 24 months once construction starts.
"They're a national, high-caliber multifamily owner and developer, which gives us a lot of confidence as we deal with the same challenges that the rest of the market does with getting multifamily out of the ground," Shands said. "The developer that we've partnered with on that project is really leaned in the design process, and as a matter of practice they spent a lot of time and energy on the ground-floor retail, which is something that you don't see from the multifamily developers. That was a really important factor when we selected them as our partner on this project."
The Texas Farmers' Market announced its relocation to the site from its longtime home in Lakeline. It held a soft opening last month and is scheduled to be open fully on Saturdays in June. Shands said the goal is to design a permanent spot for the farmers market within Bell District, similar to what the group has at its Mueller location on Sundays. He said the space will be more open and allow better utilization of nature on site.
"Cedar Park is becoming more of a cultural destination as Austin expands, and we are thrilled to see that expand with The Bell District and to be able to provide such a welcoming space for the community to access fresh, local food," Laura McDonald, executive director of Texas Farmers' Market, said in a statement. ”We hope that this will bring even more members of the northwest Austin community out to discover this market to support our vendors and local food system."
The rest of the project remains flexible. It will be a mix of office and additional multifamily with ground-floor retail, Shands said, but how much of each depends on the market.
"We are still tracking on the overall build out of The District," he said. "Right now our focus is heavily on phase one. But our experience as the developer of the Highland Mall project in partnership with the Austin Community College (is that) the slowest part is that first five years. Once you have the nucleus, the base and the amenities, things really start to pick up. I think we're right on the cusp of the pendulum turning at Bell."
