Updated story posted Aug. 10 at 7:16 p.m.
Developer EastGroup Properties, L.P. would invest a minimum of $7 million in the project, to be built in two phases. The two phases will be comprised of four buildings total, the first two of which will be 76,819 and 82,827 square feet respectively.
The second two buildings are planned for 109,800 and 75,000 square feet respectively. The development is being called Settlers Crossing.
Original story posted Aug. 8 at 4:49 p.m.
Discussions at Tuesday morning's Round Rock city council meeting revealed the city is moving ahead with a deal that will place two spec buildings at 900 E. Old Settlers Blvd., Round Rock by December 31, 2018.
The two buildings will be built without any tenants secured in advance. Ben White, Vice President of Economic Development with the Round Rock Chamber, said the buildings will be designed for light industrial and distribution use.
White said the developer, EastGroup Properties, L.P., will invest several million dollars in the project up front, but hopes to have each of the buildings leased by a separate tenant soon.
"The sooner they get the tenants in, the better for them," White said. "They will be aggressively going out for clients."
White said the project does not have a concrete start date, as it has not gone through the permitting process yet.
The city already has the land zoned for light industrial, which city staff said was appropriate for the proposed use.
Round Rock Transportation Director Gary Hudder said the city has yet to do a traffic impact analysis on the project yet because they are not sure what will be coming yet.
However, Hudder said his department is in the process of designing a signal to the east of the property where another speculative build, Mesa Creek, and a new apartment complex meet.
On Thursday night, the City Council will examine a proposed tax incentive for EastGroup Properties that will lower the amount of taxes the developer has to pay initially, allowing for lower leasing rates for potential tenants.
If approved, EGP will be able to take advantage of the incentive should it invest $7 million or more in the project.
