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The original item was published from 10/13/2021 7:18:00 AM to 10/28/2021 12:00:04 AM.

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Posted on: October 13, 2021

[ARCHIVED] Anna City Council approves Development Agreement with Megatel

News release (1)

New $800 million mixed-use development planned for Anna

2.3-acre lagoon and water park included in project

ANNA, Texas (Oct. 13, 2021) – During Tuesday’s regular city council meeting, the Anna City Council approved a Development Agreement with Megatel for the Anacapri Project. The project is estimated to cost $800 million. It includes 1,239 single-family units, 600 multi-family units, a 2.3-acre crystal lagoon, two sand beaches—one public and one private—a Flow Rider surf simulator, swim-up bar, kids play area, a water slide, 30,000 square foot commercial entertainment building and other amenities.

The Anacapri will be located immediately west of Anna High School beside the upcoming extension of Rosamond Parkway and Ferguson Parkway. To assist with the infrastructure costs related to the development, the City of Anna will create a Public Improvement District and Tax Increment Reinvestment Zone to reimburse costs.

The City will receive more than $2.1 million in Public Improvement District (PID) fees and 65 percent of sales/use taxes on construction materials. Additionally, the Anna Economic Development Corporation (EDC) and Community Development Corporation (CDC) will each receive .50 cents per ticket sold to enter the Lagoon area. 

“I am excited for the impact of this project and look forward to seeing it come to fruition,” said Mayor Nate Pike. “This is a game-changer for Anna and provides several unique activities for Anna neighbors.”

Construction on the project is expected to commence in the next 3-4 months.


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