Round Rock Approves 65-Acre Rezone For Mixed-Use Development

Round Rock TX

11 June, 2021

12:48 PM

Description

ROUND ROCK, TX — Round Rock City Council has approved to rezone 65.5-acres near Louis Henna and Greenlawn Boulevard for a mixed-use development project. The council voted unanimously Thursday to approve a Planned Unit Development zoning for the mixed-use project, which is planned for State Highway 45 east of Interstate 35. The city projects the development will generate over $1.5 million per year in tax revenues to Round Rock upon completion and will create 5,000 jobs when it is fully developed. The mixed-use project is expected to include multifamily housing, hotels, offices, retail stores and restaurants and a grocery store, city officials said. COMING SOON: The District! #RRCouncil approves rezoning 65.50 acres near Louis Henna and Greenlawn Boulevard from General Commercial to PUD No. 129 as the next step toward construction of this exciting new project in #RoundRock. READ MORE: https://t.co/tbQfWoKev9 pic.twitter.com/p2bysLv3cW— City of Round Rock (@roundrock) June 11, 2021 The open space master plan will include "livable" streets designed to heighten driver awareness of pedestrian activity, enhanced detention areas, greens, plazas and courtyards. Officials said Thursday 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. The city council approved a development agreement with Mark IV Capital for the project in February 2019. 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, according to the agreement. The mixed-use project is expected to include multifamily housing, hotels, offices, retail stores and restaurants and a grocery store, Round Rock officials said. (Rendering courtesy of the city of Round Rock) In return for the company building 1 million square feet of Class A office, retail and residential space, Round Rock will contribute $12.56 million toward public infrastructure such as streets, sidewalks and utilities. Mark IV would be required to repay the city if it fails to meet those performance measures, authorities said. Round Rock officials said it 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. Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera, authorities said.