Liberty Hill plans ambitious downtown redevelopment project

In a recent government meeting, representatives from Headwater, a commercial development construction and brokerage firm based in Georgetown, Texas, discussed their ongoing efforts to collaborate with Liberty Hill on downtown redevelopment projects. The firm, which has been operational for nearly 70 years, has previously completed various projects in Williamson County and is exploring opportunities in Liberty Hill.

The discussion highlighted the evolution of Headwater's proposals for the downtown area, beginning with a controversial five-story office building concept that aimed to spark dialogue about the potential for more ambitious developments in Liberty Hill. This initial presentation, described as \"semi ugly,\" was intended to gauge community interest and understanding of the project's scope.

As the conversation progressed, Headwater shifted its focus to a more feasible three-story building plan, encompassing 114,000 square feet. This proposal aimed to move away from traditional single-story retail setups, reflecting a vision for a more vibrant downtown area. However, the financial viability of such projects remains a challenge. The firm indicated that rental rates would need to reach approximately $40 per square foot to make the project sustainable, while current estimates hover around $32 per square foot, leaving an $8 gap that complicates the investment return for both Headwater and the Economic Development Corporation (EDC).

Additionally, the meeting revealed that Headwater had engaged with various stakeholders, including attending the International Council of Shopping Centers (ICSC) event in Las Vegas, where they sought to promote Liberty Hill and explore potential partnerships. The firm acknowledged the importance of collaboration, particularly after connecting with the Kim Group, which may bring additional expertise to the redevelopment efforts.

Overall, the discussions underscored the complexities of urban development in Liberty Hill, balancing ambitious visions with financial realities, and the necessity for continued dialogue among stakeholders to realize the community's potential.