RedLeaf signs agreement for $350m Bell Boulevard redevelopment in US
February 29, 2020 – US-based real estate developer RedLeaf Properties has signed a master development agreement (MDA) with the City of Cedar Park, Texas in the US for the $350m Bell Boulevard Redevelopment Project.
The project will transform approximately 50 City-owned acres area along Bell Boulevard between Buttercup Creek Boulevard/Brushy Creek Road and Park Street, into a mixed-use destination and community gathering place.
Following a year of negotiations, the Cedar Park City Council has approved a 20-year agreement with RedLeaf.
The MDA with the developer outlines the phased development plan for the Boulevard Redevelopment Project.
RedLeaf will now commence detailed design and engineering work to prepare the site for construction.
Following the completion of road realignment construction which is expected to through 2021, RedLeaf plans to start demolishing existing structures, making way for new streets and utility infrastructure.
Cedar Park Mayor Corbin Van Arsdale said: “The Bell Boulevard Redevelopment Project has been a top priority of our city councils, staff, and boards for five consecutive years, because this is literally the only area of our booming city that’s in financial decline.
“The Bell District will reflect our community’s shared vision of an attractive destination for generations, and completely reverse the financial trend for that area.”
The first phase of the project involves multiple acres of greenspace closely integrated with the new public library and restaurants to create a social hub and gathering space.
It will also comprise parkland, two blocks of high-density residential buildings with ground-floor retail and two parking garages.
The scheme’s second phase involves additional commercial, professional office and residential development including urban brownstones.
Cedar Park Assistant City Manager Katherine Caffrey said: “This beautiful setting creates unique development opportunities for restaurants and retailers to create a scenic, destination dining and shopping experience unlike any other in the region.”