Round Rock City Council voted unanimously on Thursday, June 10 to approve Planned Unit Development (PUD) zoning for the district, a 65.5-acre mixed-use project slated for SH 45 just to l ‘is IH 35, following a public hearing.
The project is expected to include multi-family housing, hotels, offices, retail stores and restaurants, and a grocery store. The open space master plan includes “habitable” streets designed to educate drivers about pedestrian activity, improved detention areas, green spaces, plazas and courtyards.
The construction of the development will be divided into several 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 cafe.
The city council approved a development agreement with Capital Mark IV for the project in February 2019.
In return for the company building one million square feet of Class A office, retail and residential space, the City will contribute $ 12.56 million to public infrastructure such as streets, sidewalks and public services. At the time of signing the agreement, the City predicted that the development will generate more than $ 1.5 million per year in tax revenue for the City once completed.
Development is also expected to create 5,000 jobs when fully developed.
According to the agreement, Mark IV will have to achieve 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 reimburse the City if it does not 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 to economic development projects, including transportation improvements.