The Round Rock City Council voted unanimously Thursday, June 10, to approve Planned Unit Development (PUD) zoning for The District, a 65.5-acre mixed-use project planned for SH 45 just east of IH 35, following a public hearing.
The project is expected to include multifamily housing, hotels, offices, retail stores and restaurants and a grocery store. The open space master plan includes “livable” streets designed to heighten driver awareness of pedestrian activity, enhanced detention areas, greens, plazas and courtyards.
The construction of the development will be split into phases. The design for the first phase, which is currently under review, includes a four-story office building with a parking garage and a retail building with a coffee shop.
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. At the time the agreement was signed, the City projected the development will generate over $1.5 million per year in tax revenues to the City upon completion.
The development is also expected to create 5,000 jobs when it is fully developed.
According to the agreement, Mark IV will 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.