Mark IV Capital Inc. announced Wednesday it will build The District, a master-planned residential and commercial development at SH 45 and North Greenlawn Boulevard in Round Rock.
A memorandum understanding between Mark IV and the City of Round Rock directs the California-based real estate firm to invest $200 million of private capital in the development, which will bring residential, retail and office space to the southern end of Round Rock.
The development will be located on 65-acres of property and will provide approximately one million-square-feet of mixed-use space.
“Here we are today on the cusp of a brand new development that is going to be very exciting for this entire region,” said Round Rock Chamber Vice President of Economic Development Ben White.
Mark IV Chief Executive Office Paul Cate reported the development company is in discussions with retailers, grocers and other commercial residents, including a medical office, to occupy “at least one million-square feet” of office space at The District. Mark IV indicated hotel buildings will also be included in the development in the Round Rock Chamber's press release Wednesday.
“Our intent is to provide a mixture of high quality office, residential, hospitality, and retail uses to create a dense, mixed-use environment” Cate said in the press release.
The District will also feature an estimated 900 units of residential space.
“It’s all multifamily and we expect a range of affordability. We expect it to be cheaper than comparable mixed-use projects,” Cate said.
For the time being, Cate cautions against a comparison of The District to Northwest Austin’s mixed-use development district The Domain. The Mark IV CEO called The District a “highly walkable” community, and the initial site plans lay out designs for several “pocket” parks scattered throughout the development.
Additionally, Cate claims The District will focus on bringing in local retailers, eschewing national chains or retailers.
“The retail component we are trying to create is more local,” Cate said. “We think of it as a product that is unique.”
The District will be Mark IV's third major development in Round Rock. The real estate firm opened its first building, Summit I at La Frontera, in 2013 and is expecting to complete Summit II at La Frontera in 2018.
Round Rock City Council is now set to vote Thursday night on the memorandum of understanding and allow Round Rock Mayor Craig Morgan to execute the deal between Mark IV and the city.
According to the Round Rock Chamber, the city intends to establish a public improvement district to provide further funding on the project.