Mark IV Capital recently acquired a 66-acre parcel of land near Interstate 35 and the State Highway 45 toll road for their ambitious project, The District. Despite initial delays due to market conditions, the company is now moving forward with plans to triple the size of their original proposal.
In a significant milestone towards completion, developers have obtained approval from Round Rock City Council for an amended development agreement. If all goes according to plan, construction could begin as early as January 2025.
According to reports by Austin Business Journal, The District is now estimated at $500 million in investment and will encompass over three million square feet of development. At full buildout in 2039, it is expected to create at least 5,000 jobs – a significant increase from its original plans for one million square feet and $200 million investment.
The first phase of vertical development will consist of a multifamily building with approximately320 units spanning across270 ,000 square feet. This building will also include15 ,000squarefeetof retail space.The project’s focal point will be an urban village featuring various amenities such as retail stores and a hotel located at the center of the property.
