$51M luxury housing development could soon come to Killeen

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A $51 million housing development could soon be coming to the City of Killeen.

If you frequently drive down W.S. Young Drive near Business 190 you may have noticed the big plot of land that has been for sale for years. Now, a proposed luxury apartment complex there could be an economic boom.

While housing development is booming on Killeen’s south side, the same cannot be said on the north side. That is why there is a proposal to add a possible new development in the area.

“The more people we can bring to that area the more it is going to entice businesses to come out and say ‘Okay now we have that foot traffic,'” Killeen Mayor Jose Segarra said.

The proposed development sits on 25.77 acres of land and will include 368 units, a clubhouse, dog park and a gym just to name a few. There is hope the luxury apartment complex would attract more businesses.

One resident believes the new apartment complex will benefit Killeen in the long run.

“By capitalizing on the growth of Austin, they are going to be pushed up the road. They absolutely expect Austin and Killeen to meet,” said Khandiese Cooper.

The apartment complex will be developed through the Public Facility Corporation. The PFC is owned by the city of Killeen, but managed by another company, therefore the city is not responsible for paying a dollar for the development. If the property closes, the city will get some revenue.

Check out the full presentation of the proposed development.

“They are not going to pay taxes to the city. That empty lot right now pays the city about $1,700 in taxes a year,” Segarra said. “When this property closes, they are going to pay the city an option fee of $350,000 from day one. So, wow, that $350,000 covers the many years we are going to do this lease. Because this is going to be a 75-year lease.”

Killeen City Council will have another workshop about the project on January 5. Mayor Segarra said they could vote on it January 12th.

—KCENTV