Cedar Park OK’s TIRZ for $400M Mixed-Use Project

Project Northwest New Hope is ready to go. The mixed-use development will be a super-regional destination center that will include a convention center and hotel and an NFM retail store. The Cedar Park City Council unanimously approved a tax increment reinvestment zone (TIRZ) that will fund public infrastructure and other site improvements to support a future $400 million mixed-used development.

CPM Development purchased the site and plans to build a 250-room full service hotel, a 30,000-square-foot city-owned convention center, a 500,000-square-foot NFM—formerly Nebraska Furniture Mart—store, a 700,000-square-foot warehouse space to support NFM and 250,000 square feet for high-quality commercial development. The revenue collected from project site, including sales taxes, hotel occupancy taxes and mixed-use beverage taxes as well as 50% of the property tax revenue, will pay for public infrastructure and site improvements at the development.

TIRZs are created by city councils to help promote and finance economic development and redevelopment projects.