The project will also see 2.73 acres of adjacent right of way on CR 118 annexed into the city limits. The subject property is located at the southwest corner of CR 118 and SH 130.
Answering a question from Round Rock Mayor Pro Tem Rene Flores, Planning and Development Department Director Brad Wiseman said this development, if constructed to the proposed maximum of 1,550 residential units, would be the largest in the city. In May, the city approved a similar request for a planned unit development near Kenney Fort Boulevard that could bring up to 1,200 housing units to the area.
Wiseman said this is a trend driven in part by increased interest rates and local demand for housing.
"As we've seen a huge demand for housing, and with the cost of single-family and interest rates, apartment development is very hot," Wiseman said.
Called University Marketplace, the large housing development is proposed to have a maximum building height of six stories, with proximity to property boundaries dictating how tall sections of the development can be. For example, the development cannot exceed two stories within 40 feet of the western property boundary, three stories within 80 feet and four stories within 100 feet of the boundary that will include a wall.
Parking for the multifamily housing project is expected to be contained in a separate or attached parking structure, according to city documents.
Plans for the property also include the construction of a self-service storage unit facility, and some parcels are designated for commercial and gas station uses.
