Current situation
The amended economic development deal has a new timeline for construction as well as an increased requirement for developed land once it's fully built out.
According to the contract, developers are required to complete 200,000 square feet by 2026, 1 million square feet by 2029 and a total of 3 million square feet by 2039.
The mixed-use project, initially approved by council in 2019, will encompass office, retail and residential spaces. The revised agreement specifies that 20% of the development, approximately 600,000 square feet, must be designated for commercial and retail purposes.
If all the milestones are met, the city of Round Rock will reimburse the company up to $25 million for the cost of infrastructure, such as roads, water and wastewater lines.
Some context
Some of the original plans have changed, company spokesman Justin Basie said.
Due to less demand for office space, the property will no longer be moving forward with the development of an office building. However, the company will maintain an active permit for such a facility.
A multifamily building with retail space below will be the first building to go vertical, Basie said in a presentation to City Council. The new plans for the project include a “dense urban village highly focused on walkability and amenities,” Basie said.
Under the new agreement, M4 Greenlawn is required to invest a minimum of $500 million in the project, aimed at generating an estimated 5,000 new jobs, according to city documents.
The city anticipates roughly $2 million in sales and property tax annually from The District, with $40 million generated in net revenue over the next 20 years.
