A nearly twelve-acre business park is on the horizon for the city of Kyle after proposed economic deals for a new development were approved by both city council and Hays County Commissioners within a week.
To be located on the southwest section of Kohler’s Crossing and Kyle Crossing, the proposed Majestic Plum Creek Business Park will be a master-planned, mixed use development, said Diana Torres, director of Kyle’s Economic Development department.
Through the project, Los Angeles-based Majestic Realty Company will invest more than $40 million dollars into Kyle, Torres said. The Fortune 500 company does not flip properties, she said.
“You know when (Majestic) comes into a community, they’ve done their homework, and feel pretty strongly it’s going to work,” Torres said at the June 19 Kyle City Council meeting.
The park will be made up of two buildings with a combined 535,113 sq. ft. of space to be leased out. Anticipated tenants include businesses involved in manufacturing, light industrial work, assembly and distribution, retail, wholesale and more.
Both the city and the county agreed on performance-based rebates of new property taxes with Majestic Realty. According to the Greater San Marcos Partnership, the maximum expected rebate from Kyle is estimated at $662,507 from Kyle and $435,564 from Hays County over the course of the agreement. However, as the agreements expire as tenants are secured, the incentives could end up totaling significantly less if the property is leased out quickly,
“It is absolutely rock-solid, from a financial standpoint,” Mayor Travis Mitchell said at the June 19 council meeting. “They clearly see the benefit of coming to Kyle and we’re very, very thankful to have them.”