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New Mixed-Use Development Approved in Georgetown

Georgetown's new mixed-use development will contribute to a vibrant downtown atmosphere.

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News Summary

Georgetown city officials have approved a new mixed-use development aimed at revitalizing downtown. The project will encompass office space, retail shops, and a rooftop bar. Additionally, ongoing projects like The Commons at River and The Preserve will further enhance the local community. Backed by reputable firms, these developments signify Georgetown’s commitment to growth and vibrancy, paving the way for a promising future.

Exciting New Developments Coming to Georgetown!

Georgetown is buzzing with excitement as city officials have just given a green light to a new mixed-use development that promises to add a new layer of vibrancy to downtown! This project will feature a delightful blend of office space, retail opportunities, and even a rooftop bar and restaurant for those relaxing evenings and social gatherings.

City Approval Secured for Height Waiver

One notable step in this development journey was the approval of a waiver that allows for a taller building than typically allowed under city regulations. It’s a significant milestone that shows just how committed the city is to ushering in this new project, which comes with a backing from the reputable Overland Partners.

Ongoing Projects: The Commons at River

This new project is not the only one on the table; just off Williams Drive, The Commons at River is already in the works and is shaping up to be a community hub. This property will include a spacious plaza, a cozy apartment complex, and various service-based companies alongside retail options and restaurants. Construction kicked off with essential underground civil infrastructure work back in September 2023, signaling the start of an exciting new chapter for Georgetown.

A Quick Look at The Commons’ Progress

Progress is certainly noteworthy at The Commons at River, where a sizable 15,000-square-foot building is currently under construction, with already half of it pre-leased! Additionally, two more retail buildings totaling around 9,600 square feet are also expected to grace the Commons. It’s worth noting that the location previously housed Raye McCoy Elementary School before being purchased by Partners Real Estate for a cool $4.5 million in 2021. The fine folks at the city approved the project back in 2022, paving the way for this exciting transformation.

Future Possibilities: More to Come!

Not far from The Commons, there’s a 1.28-acre site reserved for future development. This tiny patch of land promises even more possibilities for Georgetown’s growth and prosperity, allowing the community to continue expanding and evolving.

Introducing The Preserve Development

The Preserve, taking shape at 3701 West State Highway 29 in Georgetown. This ambitious project, with a whopping projected cost of $70 million, will consist of 18 buildings over three phases. Currently, Phase 1 is underway, and it features vertical construction of five buildings, including both one two-story office building and two retail buildings, along with two flex space buildings. Groundbreaking took place in December 2023, marking an exciting start to this sprawling development!

Financial Backing of The Preserve

As for the finances, Jefferson Bank is stepping in to provide approximately $20 million for Phase 1 of The Preserve development, alongside various project partners like Mode Design Company, NAVCON Group, and 2P Consultants. This collaboration underlines the community spirit and collective effort that contribute to Georgetown’s promising growth.

Conclusion: A Bright Future for Georgetown

With various mixed-use projects underway, it’s safe to say that Georgetown has a bright future ahead! From lively office spaces to charming restaurants, there’s much to look forward to in this bustling community. As these new developments start to take shape, Georgetown residents will soon have even more reasons to cherish their local hangouts and embrace the new amenities that will enhance their quality of life.