The District development in Round Rock moves forward, expected to bring $1.5M in annual tax revenue, 5,000 jobs

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The District, Round Rock’s first mixed-use development, will move forward after City Council action on Feb. 14.

By a 7-0 vote, the council approved a development agreement with Mark IV Capital, a California-based development firm working on the project. Mark IV also developed Summit I and Summit II in La Frontera in Round Rock.

The District, which was announced in November 2017, is set to be built on roughly 65 acres of land south of SH 45 and north of Greenlawn Boulevard. The development will include Class A office, hospitality, retail, residential and parking space.

According to the agreement, Mark IV would develop at least 1 million square feet over the next 20 years and invest a minimum of $200 million into the project.

In return, the agreement would require the city of Round Rock to invest at maximum of $12.56 million in public infrastructure such as roads and lines for water and wastewater.

The city anticipates a revenue of more than $1.5 million annually once The District is complete, according to a Feb. 12 presentation from Brooks Bennett, assistant city manager for the city.

The agreement outlines a construction timeline for the project requiring at least 120,000 square feet of building space to be complete no later than three years after the agreement is effective. If approved, that would mean The District’s first building could be finished by February 2022.

By the 10th anniversary of the agreement, the agreement would require Mark IV to complete at least 250,000 square feet of building space and the entire project must be complete in 20 years, according to the agreement.

“This is a product we do not currently have in Round Rock,” Mayor Craig Morgan said. “It’s a win-win for all of us.”

The next step includes a construction timeline for infrastructure improvements in place by September.

Kirby Killough contributed to this report.

 

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  1. Traffic is already near grid lock at rush hour around this area, this will really be a “win-win” for those of us that have to travel through here…..not. Mayor what’s your plan for the traffic, add a turning lane like Kalmahari Resort, brilliant. Not understanding why we have to spend tax dollars for one of the hottest markets in the country to entice development, which ultimately seems to lower quality of life. 5,000 “high paying” service jobs, but you won’t be able to afford to live here though. Where is all of this going? Development work will be done by government when we all are sitting in our cars stuck in traffic most of the day. Rant over, I feel better.

  2. I’m just curious what kind of nice shops and apartments are going to want to go in that close to those gigantic stinking mulch piles on the other side of Greenlawn. On a bad day you can smell it for a mile, let alone so close. I do want the development, but not sure how that’s going to work out.

  3. Anything new to report on this project? I’m hoping to hear that things are progressing nicely. Maybe I missed it but the last update I saw online was 2/19 (6 months ago). Thanks.

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Joe Warner
Joe Warner is managing editor of the nine Austin-Central Texas editions of Community Impact Newspaper. He previously served as senior editor of the flagship Round Rock, Pflugerville and Hutto newspaper. He came to Central Texas from Metro Detroit, where he was editor and general manager of several daily and weekly publications. He is the former president of the Michigan Press Association and was on the MPA board of directors for nine years.
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