Developers for The District unveil new proposed plans
Developers for The District, a 65.5-acre mixed-use project planned for SH 45 just east of IH 35, unveiled proposed changes to the development to the Round Rock City Council on Thursday, June 23.
According to Justin Basie, Senior Vice President of Mark IV Capital, the proposed changes include millions of additional square feet of mixed use development. The changes were also presented to the Transportation and Economic Development Corporation at its June 23 meeting.
Major design changes include increasing the site’s total square footage and the site’s height and density. The tallest office building in the previous design is now the shortest in the current design. The newly proposed design also includes courtyard areas and a relocated bungalow from Hyde Park that will serve as an on-site coffee shop. The first phase of the new design consists of a four-floor office building.
The changes, according to Basie, are in response to major market changes since the project was initially announced, such as a rotation from smaller to larger tenants and a focus on its ability to accommodate larger tenants.
“The market we’re moving into and going forward with is not the same market we exited going into the pandemic,” Basie said.
The City Council approved the development agreement currently in place with Mark IV Capital for the project in February 2019. This agreement stated that, 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. The proposed design unveiled at Thursday’s meeting allowed for 2 to 3 million square feet of office space alone, not including the other additional uses, such as residential. A new agreement with additional public infrastructure to meet the height and density needs of the new proposal is anticipated to be brought to City Council at a future meeting for consideration.
“This will be a game changer,” said Mayor Craig Morgan. “It has a lot of characteristics to be really successful.”
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Source: City of Round Rock