The Round Rock City Council has approved an agreement with the developers of The District, a 65-acre mixed-use project planned for SH 45 just east of IH 35, in Texas, US.
The council has approved a memorandum of understanding with Mark IV Capital for the project in November 2017.
In return for the company building a one million ft² of Class A office, retail and residential space, the city will contribute $12.56m toward public infrastructure such as streets, sidewalks and utilities.
The city expects the development to generate more than $1.5m per year in tax revenues to the city when it is completed.
The development is also expected to create 5,000 jobs when it is fully developed.
Round Rock Mayor Craig Morgan said: “We are excited to partner with Mark IV on the development of The District in Round Rock. This is exactly the type of unique project we need in this high-growth area.”
Mark IV, which manages the Summit I, recently completed construction on Summit II office projects in La Frontera.
Mark IV Capital regional vice president Justin Basie said: “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.”
Under the terms of the agreement, Mark IV is required to reach 120,000ft² completed by 2022; 250,000ft² by 2029; and one million ft² by 2039, and Mark IV will be required to repay the city if it fails to meet these 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.
Image: Artist’s rendering of The District development. Photo: Courtesy of City of Round Rock.