As more projects head through the city's entitlement process, city officials on Oct. 11 discussed industrial development in the city – which has a population of about 75,000 people and is located about 30 miles north of downtown of Austin – and some of the challenges that has posed to Georgetown.
Crossway Business Park
One of Texas' most-active commercial real estate developers has plans for about 530,000 square feet of flex industrial space at the city's north end, directly across Interstate 35 from where Titan is building its two business parks.
Houston-based Fidelis was approved for a zoning change for roughly 57 acres at 2990 N. IH 35. Dubbed "Crossway Business Park," plans for the development include three buildings on 36 acres – one is 120,000 square feet, the second 180,000 square feet and the third 230,000 square feet. The remaining space would be left open for a fitness walking trail, food truck park and a picnic area.
Fidelis, which boasts that it has done 13 million square feet of developmentand has 2 million in various stages of production, has worked in every industry, including retail, office, multifamily and industrial. They've worked with a number of tenants including H-E-B LP, Dick's Sporting Goods Inc., The Kroger Co., and Academy Sports + Outdoors.
Compared to the company's other projects, the Georgetown one will be smaller but offer upscale flex office and light-assembly manufacturing space, according to Kevin O'Neil, Fidelis' senior managing director. He said that they looked into other potential developments on the site, but it wasn't good for retail because of limited visibility and access; wasn't good for multifamily because of an adjacent multi-family development; wasn't good for office because of high vacancy rates, and wasn't good for single-family because of its location along the Interstate.
He said that while it's being built speculative — meaning no tenants have been signed — they've already had discussions with some of their long-time tenants, and also met with prospective leasing agents. He added that they "feel really confident" they'll be able to get tenants in the city's target industries.
"What we feel we are delivering is a Class A image in a business park setting, with on-site amenities and 20 acres of green space. We don't think anybody is doing that for the market," O'Neil said. "We think that as a result of that and because of what Georgetown is and what you've already attracted here, that we'll be able to bring those types of tenants that you want to have in your city and we also want to have in our building. It will be a win for both of us."
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