A joint venture partnership of three Austin real estate ventures is developing a large industrial project in Cedar Park, Texas. Cordova Real Estate Ventures, Riverside and Live Oak are constructing New Hope – which has already broken ground on phase one consisting of three Class-A industrial buildings totaling 271,689 square feet. Future phases may include entertainment, restaurants, retail outlets hotels and office space as well as research and development facilities.
The project covers 95 acres in the northeast quadrant of U.S Highway 183-A and New Hope Drive with an estimated value of $250 million upon completion. The developers have received $4.5 million in infrastructure reimbursement payments for reaching milestones related to investment amount and job creation associated with the project’s construction process .
