Mark IV Capital, Inc. (Mark IV) announce today it intends to build a new master-planned, mixed-use development at a prime location in Round Rock, Texas. The memorandum of understanding between the City of Round Rock and Mark IV is for one-million-square-feet of commercial and residential development and $200 million dollars in capital investment.
The new development, named The District, will be located on approximately sixty-five acres located on SH 45 and North Greenlawn Boulevard. Work is expected to begin within twelve months.
“We are thrilled to partner with Mark IV on the development of The District in Round Rock,” stated Round Rock Mayor Craig Morgan. “This is exactly the type of project we need in this high-growth area.”
Mark IV is a privately held real estate firm founded in 1974. The company purchased its first building in Round Rock, the Summit at La Frontera, in 2013 and is currently under construction on a sister building, the Summit II at La Frontera, which is expected to be complete in early 2018.
The City of Round Rock and Mark IV have agreed to work cooperatively in good faith on future agreements. The City intends to create a public improvement district (PID) on the property as a method of providing further funding for required public infrastructure.
“Our intent is to provide a mixture of high quality office, residential, hospitality, and retail uses to create a dense, mixed-use environment, a first for the City of Round Rock,” said Paul Cate, Mark IV’s Chief Executive Officer. “The District is the natural location for the region’s next major business hub. Its location at the intersection of I-35 and SH 45 easily connects to the core of Austin, while also providing phenomenal access to the fast-growing cities in north Austin.”
“This type of mixed-used development is wonderful for Round Rock and will be a tremendous addition of Class-A office space to our highly-visible Fortune 500 corridor,” said Ben White, the Chamber’s Vice President of Economic Development.