Developer PGI Investments received approval from the Kyle (Texas) City Council to build a mixed-use development on 47 acres at Yarrington Road and Interstate 35, south of Austin. The Carlsbad, CA-based developer is planning office space, an anchor store, a hotel, a gas station and restaurants on the land, which is considered one of the fast-dwindling parcels of land between Austin and San Marcos, TX.

The developer is receiving economic incentives of up to $5.2 million, as long 300,000 square feet of office, retail and hotel space are built, and at least 200 jobs created. Development of the necessary infrastructure is also part of the deal.

Construction is scheduled to begin immediately.

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