The Heritage Center building is located in the heart of Lakeway and serves as a central hub for preserving Lakeway's history. The building features a hill country-like aesthetic with interior space that includes two larger rooms. The Lakeway Heritage Center sits on land known as Lakeway Center Park, which includes the Spirit of Freedom Monument.

Spirit of Freedom Monument:
The City of Lakeway adds the names of past and present Lakeway residents to the Spirit of Freedom Monument system and was established in the 1990s. The monument honors those residents who served in the U.S. Armed Forces during specified periods of armed conflict, including World War II, Korean War, Vietnam War, the Gulf War, Panama, and Operations Enduring Freedom (Afghanistan) and Iraqi Freedom (Iraq), and the Global War on Terror.