Georgetown 225-room Sheraton construction set

GEORGETOWN – Construction will start on the 225-room Sheraton Hotel in the next 30 to 45 days as part of The Summit at Rivery Park project.

The project — located west of I-35 between SH 29 and Williams Dr. — also includes a conference center, a parking garage and a park.

The City of Georgetown has agreed to a $25 million tax incentive deal and recently amended the agreement to push the construction deadline back to June 30, 2016.

The tax deal includes $12.5 million the Georgetown City Council agreed to pay for a parking garage and other transportation improvements and $11.7 million that Williamson County is contributing.

The developers also agreed to spend more than $3 million for infrastructure improvements. The city, the county and the developer will pay for most of the improvements through taxes generated by increased property value at the project.

The Georgetown Economic Development Corporation is also kicking in an additional $750,000 for roads for the project.

The Summit will eventually include more than 200 apartments, retail stores and restaurants. It already has luxury apartments.