Mark IV Capital is set to begin work on its planned unit development The District during the summer, starting with a groundbreaking on the property, according to a press release from the Round Rock Chamber.
The District, which will sit on 65.5 acres off of Greenlawn Blvd., received preliminary approval at the June 10 meeting of the Round Rock City Council. An economic development agreement with Mark IV Capital was approved by the city in 2019, the release states.
Under this agreement, Mark IV Capital will construct 1 million square feet of Class A office, retail and residential space. The Chamber release states that this agreement includes milestones Mark IV Capital will have to meet. By 2022, 120,000 square feet should be completed, followed by 250,000 square feet by 2029 and 1 million square feet by 2039. If these milestones are not met, the company would be required to reimburse the city of Round Rock, which will pay for $12.56 million in public infrastructure including streets, sidewalks and utilities through its half-cent Type B sales tax revenue, according to the release.
Once complete, The District is expected to bring at least 5,000 jobs to Round Rock.
