The District, a 65.5 Mixed-Use Project, Plans for Summer Ground Breaking
The Round Rock City Council voted unanimously Thursday, June 10, to approve Planned Unit Development (PUD) zoning for The District, a 65.5-acre mixed-use project planned for SH 45 just east of IH 35, following a public hearing.
The project is expected to include multifamily housing, hotels, offices, retail stores and restaurants and a grocery store. The open space master plan includes “livable” streets designed to heighten driver awareness of pedestrian activity, enhanced detention areas, greens, plazas and courtyards.
“We are grateful for the tremendous community support we’ve received for The District and, with approval in place, we are excited to break ground this summer,” said Justin Basie, Senior Vice President at Mark IV Capital. “With estimated completion in 2022, this represents the future of growth in Central Texas and we look forward to sharing more features that will serve an unmet need in the market for Class A, high-density community gathering places. ”
The construction of the development will be split into phases. The design for the first phase, which is currently under review, includes a four-story office building with a parking garage and a retail building with a coffee shop.
The City Council approved a development agreement with Mark IV Capital for the project in February 2019.
In return for the company building 1 million square feet of Class A office, retail and residential space, the City will contribute $12.56 million toward public infrastructure such as streets, sidewalks and utilities. At the time the agreement was signed, the City projected the development will generate over $1.5 million per year in tax revenues to the City upon completion.
“MarkIV’s track record of success in Round Rock has been exceptional, and we are truly excited about wat is coming with the District,” Mayor Craig Morgan said. “This impressive mixed-use project will be a game-changer for our community.”
The development is also expected to create 5,000 jobs when it is fully developed.
According to the agreement, Mark IV will have to reach the following performance milestones: 120,000 square feet completed by 2022; 250,000 square feet by 2029; and 1 million square feet by 2039. Mark IV would be required to repay the City if it fails to meet those performance measures.
The City will fund the infrastructure improvements with its half-cent, Type B sales tax revenues. Type B funds are limited specifically for economic development projects, including transportation improvements.
Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera.
“The District is another big step towards what the future of what Round Rock will be,” said Jason Ball, the Chamber’s President and CEO. “This exciting mix of higher density mixed living, working, and entertainment assets is a model that will be emulated by others as Round Rock grows and evolves. The Chamber applauds Mark IV for making this investment, and the community fully supports them to bring The District to life in Round Rock.”
CBRE’s Mark Emerick, John Barksdale, and Bo Beacham are handling office leasing and marketing for the project. Visit The District website.
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