The Hutto Economic Development Corporation (HEDC) Board of Directors has voted to select Midway as the master developer for the Cottonwood Properties. The Houston-based real-estate investment, development, and construction firm has specialized in mixed-use destinations for more than 50 years.
"Midway is honored to be chosen as the master developer for Cottonwood Properties," Midway Chairman and CEO Brad Freels said. "Our shared vision with the City of Hutto is to not only impact the local community but also the region by creating a vibrant, mixed-use destination that caters to the needs of the residents and visitors. We are committed to attracting new amenities and concepts to the area, with a focus on sustainability and walkability, to ensure that the project becomes a thriving hub for the entire region."
The HEDC Board unanimously voted to select Midway following a competitive search. The two sides will now work together to structure a formal agreement with the hope of having a contract in place by early 2024, paving the way for development of the highly-coveted tract of land.
“The Cottonwood Properties are one of the most important development opportunities in Hutto,” Hutto Economic Development Director Cheney Gamboa said. “This is a legacy project and the HEDC Board has been very thoughtful and intentional about how to proceed.”
Earlier this month, the HEDC Board heard presentations from four master developer finalists who each outlined why they should be selected to work with the HEDC to transform the 250-acre site into a mixed-use area fit for Hutto.
After discussion, the HEDC Board narrowed their options down to two and formed a Subcommittee to meet with each firm to receive more detailed information regarding land and site planning, as well as financial structuring. The Subcommittee recommended to the full Board that Midway be chosen as the master developer.
The HEDC Board’s vision for the Cottonwood Properties aligns with the City of Hutto’s SOAR 2040 Comprehensive Plan as it pertains to mixed-use development in the City. Midway has history with mixed-use developments similar to the Cottonwood Properties, which could include retail, grocery, restaurants, and entertainment co-existing with some residential, hospitality, office space, parkland, and City facilities.
“One area that really impressed us was Midway’s stakeholder engagement process,” Gamboa said. “They have the ability to go as fast as the HEDC needs. Midway invests so much in their robust planning process that once the plans are complete, the execution moves quickly.”
The HEDC Board intends for their agreement with Midway to be a partnership, meaning there will be extensive collaboration between the HEDC and the developer, including the opportunity for stakeholder engagement, as the property comes to life over the next 10 or more years.
The HEDC Board, City Staff, and the community at large will all have a variety of opportunities to participate in the planning process to ensure that development plans meet the needs of Hutto residents and remain aligned with the SOAR 2040 Comprehensive Plan.
For more information about the HEDC and to stay up to date on all the latest news, visit HuttoTXEDC.gov.