The city of Plugerville is hoping a new multi-million dollar expansion plan will turn them into a prime destination.
We're told 119 acres of land at the corner of SH 130 and FM 685 will be redeveloped and in turn be a revenue stream for the city.
The plan is to put in 22 restaurants, 13 parking garages, four hotels one of which will be a luxury destination. The development is also expected to include several office buildings, entertainment opportunities and a town hall.
Developer Star Stream Capital first approached the city of Pflugerville over the summer with the idea.
The City Council finalized the agreement on Tuesday night.
The developer is expected to invest $600 million between now and the next five years.
$85 million is for infrastructure, something the city and residents will no longer have to pay for.
"It is an incredible impact. First of all, we anticipate just under 10,000 jobs, of those 10,000 jobs we think 1,500 people will actually move into the city limits of Pflugerville. Buy houses, build houses, that sort of thing. beyond that, from a revenue standpoint, this is going to be a $2.3 billion revenue stream," said Jeff Coleman with the city of Pflugerville.
Here are the top property and sales tax revenue increases estimated over the next 30 years:
- $344 million - City of Pflugerville
- $114 million - Travis Co. Emergency Services District
- $155 million - Travis County
- $525 million - Plugerville ISD
The developer will close on the land within the next 15 days.
The infrastructure and ground work will begin within the next few months.