Retail Surge Another Metric Illustrating Growth Of Cedar Park

CEDAR PARK, TX -- By any metric, Cedar Park is a fast-growing city.

One sees evidence of that growth in the abundance of sites on which housing is being built. But in a recent tally, the Austin American-Statesman examined the number of major retailers lured to the city given its bolstered base of potential customers.

Many retailers have entered the market in recent years, including Costco. But now, more big-name retail companies are locating to The Parke, a 42-acre, 370,000-square-foot shopping center being developed by Austin-based Endeavor Real Estate Group along the 183-A toll road near East New Hope Drive.

Among the future tenants at the site are Chuy’s, Dick's Sporting Goods, a Field & Stream store (the first in the state), Nordstrom Rack and a 365 by Whole Foods Market, the new concept chain from Whole Foods catering to a cost-conscious shopping segment.

“With the 365 by Whole Foods Market headquartered in Austin, it made perfect sense to have one of our first stores in our very own backyard,” Jeff Turnas, 365 by Whole Foods Market’s president, told the newspaper. “Austin’s commitment to innovation and authenticity aligns perfectly with the core values of 365 by Whole Foods Market. This, combined with substantial local support team, made it the ideal place to continue to introduce new and current customers to a whole new grocery shopping experience,”

All told, some 20 tenants have been lined up, the newspaper noted in its report. The project is expected to be completed by the second quarter of 2017.

“The momentum for The Parke has been incredible,” Daniel Campbell, a principal with the developer, Endeavor, said in an interview with the Statesman. “We broke ground less than 60 days ago and are already 70 percent leased, which is just amazing, and even more so when you consider the quality of the lineup. This speaks volumes about Cedar Park’s demographics, pent-up demand and retailers’ desires to be in a growing part of the country.”

Phil Brewer, the city's director of economic development, told the newspaper the city's attractive demographics enhances the lure for retailers. The average household income in Cedar Park is $99,348, and the median age of residents is 34.2 years -- a prized demographic among merchants.

“Cedar Park’s demographics in terms of number of households, disposable income, average household income and age distribution combine to make Cedar Park a very attractive market for retailers,” said Phil Brewer, Cedar Park’s director of economic development.

Cedar Park Matt Powell likes the influx of businesses because they will help bolster sales tax collections that help feed city operations.

“It’s really helping to diversify our economy,” Powell told the Statesman. “We used to be so property tax-dependent. Now, new retail – businesses people here have been clamoring for for years – is creating downward pressure on our property tax. It’s gone down three years in a row and I see no reason that can’t happen for a fourth year.”

The mayor said this is just the beginning, and he expects more retail developments to come in the years ahead as the city continues to grow.

“There are definitely still opportunities out there,” he said. “The word has gotten out that Cedar Park is a lower tax, lower regulation environment to start a business.”