COPPERAS COVE (September 24, 2012)—Whataburger is the newest business to be added to the Five Hills Shopping Center’s menu of shops.
The nearly 130-acre shopping center on East Hwy. 190 will be a phased development and construction crews are already building an H-E-B grocery store that is expected to open to the public in February.
Phase one of the development, at the intersection of US 190 and the newly constructed south bypass, includes 35,000 square-feet of retail space and five pad sites, their website says.
Congress approved a land swap about 5 years ago that transferred the property from Fort Hood to the Copperas Cove Economic Development, Corp.
The corporation approved a purchase agreement last year that allows the sale of about 125 acres of land to the developers, C-Cove 90 Partners, Inc., a merging of First Advisor, Inc. and Endeavor Real Estate group, out of Austin.
In November, the company and Coryell County Commissioners agreed on a 25-year repayment contract in which developers will be repaid 25 percent of the development’s property taxes for 25 years.
The city will refund 35 percent of sales tax for the first five years, 40 percent for the next five years and then 65 percent for the duration of the 25-year agreement.
However, the deal is performance-based and will be discontinued if construction ceases before the complex is completed, Coryell County Judge, John Firth said in an earlier statement.
Gary Davis of C-Cove 90 Partners, Inc., who had the initial idea of a shopping center, says that should not be a concern because the more development, the more revenue the company will profit from.
Early estimated costs show the first phase at roughly $50 million for the development of 72 acres.
The Executive Director of the Copperas Cove Economic Development, Corp., Polo Enriquez said taxpayers will not have to pay any money out of pocket for the funding except the portion of sales tax for purchases made that will go to the developer.
The Whataburger is expected to open to the public sometime next year.