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Austin American Statesman – 5/28/2005 More choices are in store for San Marcos
shoppers, including a new retail center planned for Interstate 35
just south of Wonder World Drive. Dallas-based Lincoln Property
Co. plans to start construction in early fall on Red Oak Village,
a 311,317-square-foot center on the east side of the highway. Under
an agreement with the city, the project must be completed by Dec.
31, 2006. Based on the $14 million that Lincoln plans to invest
in Red Oak Village, the city will abate about $66,000 a year in
property taxes from 2007 through 2011. The city also is waiving
about $140,000 in development fees. In exchange, Lincoln will pay
for road improvements, including extending two nearby roads, Cottonwood
Creek Parkway and McKinley Place Drive. The 40-acre site is just
north of two outlet malls that are among the state's top tourist
draws. One of the centers, Prime Outlets-San Marcos, where more
than 6 million tourists shop every year, is undergoing a $50 million
expansion. Neiman Marcus' Last Call, scheduled for a Labor Day opening,
will anchor the 160,000-square-foot expansion, which will bring
the mall to 750,000 square feet.
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