Round Rock OKs Pact With Developers To Build 'The District'

ROUND ROCK, TEXAS — Round Rock City Council members on Thursday voted unanimously to approve an agreement with the developers of The District, a 65-acre mixed-use, $200 million project planned for SH 45 just east of IH 35.

The move follows council approval of a memorandum of understanding with Mark IV Capital for the project in November 2017. Some are describing the envisioned complex as similar to The Domain in Austin given its ambitious scope.

In return for the company building 1 million square feet of Class A office, retail and residential space, the city will contribute $12.56 million toward public infrastructure such as streets, sidewalks and utilities, according to the agreement. Round Rock officials estimate the development will generate more than $1.5 million in annual tax revenue for the city the project is completed. City officials also expect construction to create some 5,000 jobs once the site is fully developed.

“This project will bring retail, residential, and much needed high-end office development to Round Rock,” Brooks Bennett, assistant city manager, said in a prepared statement. “There is growing demand for this type of mixed-use development in this part of the region, and this project is well situated on a major transportation corridor. We’re pleased to be partnering with Mark IV, which has a track record of building excellent projects in Round Rock and across the western United States.”

Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera, officials noted.

Added Justin Basie, regional vice president of Mark IV Capital: “We are very excited about our continued partnership with the city of Round Rock on The District, which is our third project within the community. The District is a dynamic mixed-used development that will combine working, living and retail in one prime location. This is a great opportunity to bring an unmet need to the city and one that will have long-term benefits for the region. We look forward to breaking ground on this unique project, and we are proud to be involved in what will soon be a landmark in Round Rock.”

According to the agreement, Mark IV would have to reach the following performance milestones: 120,000 square feet completed by 2022; 250,000 square feet by 2029; and 1 million square feet by 2039. Mark IV would be required to repay the City if it fails to meet those performance measures.
The City will fund the infrastructure improvements with its half-cent, Type B sales tax revenues. Type B funds are limited specifically for economic development projects, including transportation improvements.

“We’re thrilled about this development project, which along with other projects recently completed or breaking ground this year, will unlock opportunity for our growing community,” said Nichole Vance, director of business attraction with the Round Rock Chamber. “The District will transform the southern area of Round Rock and will be an ideal location for the types of companies looking for high-end office space in Round Rock.”

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>>> Artist rendering of The District development courtesy of City of Round Rock