Mega-Development will Expand Cedar Park’s Tax Base in a Single Project

The Cedar Park City Council recently approved a master development agreement with CPM Development LLC, which plans to build a hotel and convention center anchored by a super-regional retail and entertainment destination near U.S. 183A northwest of Austin. The city council’s unanimous vote marks a crucial first step toward the city securing the 117-acre development that is expected to generate $435 million in net new city tax revenue within 25 years of opening. Terms of the agreement call for the project to be anchored by Nebraska Furniture Mart.

“This development is a once-in-a-generation opportunity to dramatically expand Cedar Park’s commercial tax base with a single project,” said Corbin Van Arsdale, Cedar Park mayor. “This also gives Cedar Park the hotel and convention center we’ve wanted for a long time, to help attract more visitors and provide a much-needed venue for large gatherings so that locally organized events don’t have to be held outside of our community.”

Located at 750 E. New Hope Dr., the project would include at a minimum a 250-room full-service hotel with a 30,000-square-foot city-owned convention center, 250,000 square feet of commercial development, a 500,000-square-foot Nebraska Furniture Mart store and a 700,000-square-foot warehouse servicing Nebraska Furniture Mart.