Community News Archives - Don Quick & Associates

Artist rendering of The District development.

City Council approves development agreement for dynamic mixed use project

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City entered into MOU with owners of The District in 2017

The Round Rock City Council voted unanimously Thursday, Feb. 14, to approve an agreement with the developers of The District, a 65-acre mixed-use project planned for SH 45 just east of IH 35. The City Council approved a memorandum of understanding with Mark IV Capital for the project in November 2017. 

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 City projects the development will generate over $1.5 million per year in tax revenues to the City when it is completed.  

The development is also expected to create 5,000 jobs when it is fully developed. 

“We are excited to partner with Mark IV on the development of The District in Round Rock,” Round Rock Mayor Craig Morgan said. “This is exactly the type of unique project we need in this high-growth area.” 

Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera.* 

“We are very excited about our continued partnership with the City of Round Rock on The District, which is our third project within the community,” said Justin Basie, Regional Vice President, Mark IV Capital. “The District is a dynamic mixed-used development that will combine working, living and retail in one prime location. This is a great opportunity to bring an unmet need to the city and one that will have long-term benefits for the region. We look forward to breaking ground on this unique project, and we are proud to be involved in what will soon be a landmark in Round Rock.” 

According to the agreement, Mark IV would 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. Mark IV would be required to repay the City if it fails to meet those performance measures. 

The City 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.

“We’re thrilled about this development project, which along with other projects recently completed or breaking ground this year, will unlock opportunity for our growing community,” said Nichole Vance, Director of Business Attraction, Round Rock Chamber. “The District will transform the southern area of Round Rock and will be an ideal location for the types of companies looking for high-end office space in Round Rock.” 

Originally posted by City of Round Rock on February 14, 2019.

View the original article here.

*Links Edited

 

 

Mark IV Expands La Frontera Office Campus

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The new building will be adjacent to the 87,186-square-foot Summit I, purchased by Mark IV in 2013 from Moore & Associates. The asset is the largest office building under construction in the Austin submarket.

by Razvan Cimpean | Jul 21, 2017

Mark IV Capital broke ground on Summit II at La Frontera, a 95,000-square-foot office building in Round Rock, Texas. The asset is the largest office building under construction in the Austin submarket.

PLANS FOR LEED CERTIFICATION

Located at 710 Hesters Crossing Road, the two-story asset offers convenient access to Interstate 35 and State Highway 45. The new building will also be adjacent to the 87,186-square-foot Summit I, purchased by Mark IV in 2013 from Moore & Associates. The project will aim for LEED certification and will include a 10,000-square-foot courtyard with shaded seating areas and parking for local food trucks. Another LEED-proposed development in the Austin area includes Austin Community College’s Leander campus, which was recently topped out last month. Additionally, Summit II will also feature a fitness center and flexible floor plans. 

“The development of Summit II at La Frontera is another opportunity for us to expand our portfolio in the Austin market through the addition of high-quality assets in targeted growth areas,” said Mark IV CEO Paul Cate, in a prepared statement.

Mark IV selected Don Quick & Associates to be in charge of leasing for the upcoming office building.

View the story on Commercial Property Executive

Round Rock Economic Development Project Wins State Award

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The 2013 Community Economic Development Award has been given to the Round Rock Chamber of Commerce and Economic Development Partnership to recognize their success in bringing Cornerstone Healthcare Group to the community. The discussion for this development began in April of 2012 to address the need for quicker access to hospital care for Round Rock residents, and they broke ground on December 4th. “This hospital will continue the Round Rock brand of being associated with high quality medical care. The project demonstrates Round Rock’s continued focus on quality development,” said Round Rock Mayor Alan McGraw. The nearly $20 million investment will provide a two-story, 55,000 square foot facility with 54 patient rooms, 12 high intensive care rooms, and 6 high-observation rooms. A ribbon cutting ceremony will take place on November 21st to celebrate the grand opening of the hospital.

Plans for Public Market in Downtown Austin

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Preliminary discussions focused on bringing a public market to downtown Austin modeled after Seattle’s Pike Place have begun. Buzz about the topic continues among city leaders as possibilities are discussed. Pike Place, opened in 1907, is a Seattle attraction that brings a large downtown crowd equivalent to that of both entertainment events and sports events combined. Austin’s TXP Inc. has suggested that this could be of great benefit to both the local economy and the food industry. Advocates of the project also argue that an added benefit of bringing a market of this scale to the downtown Austin area is increased access to healthy food, which will cater to Austin’s prominently health-conscious residents. The current focus of these preliminary discussions is determining the best way to finance and operate a market that will be functional and profitable in the city.

Hutto Installs New Mural

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A new mural featuring Hutto’s mascot, the hippo, is set to be installed in downtown Hutto by the end of this year. The purpose of the mural is to draw visitors to the city. The mural will  be painted by Suzanna Huser, a local artist. It will be displayed at 101 East Street and will also feature the city’s flower, the orange crush lily. “This mural will be the first public art piece to have done there, and we hope to attract visitors from Hwy. 79 to visit downtown and explore Hutto,” Hutto Downtown Manager Kim McAuliffe said. The mural is set to be finished on October 19th, just in time for Hutto Old Tyme Days. Work will begin this month.

Photo from City of Hutto.

New Land-use Codes in Progress for City of Austin

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Public opinion is being sought by the city of Austin as land-use codes are being rewritten. “A new code would seek to maintain the character of existing neighborhoods, integrate nature, create and expand housing choices and ensure efficient city services.” It is expected to take three years and up to $2 million to rewrite the code that will set the foundation for the Imagine Austin plan passed in June of last year. The future of residential and commercial development will be determined by these changes.

Business is Booming in Cedar Park

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Cedar Park is the fourth largest city in the Austin Metroplex with over 55,000 inhabitants. In the last 10 years, Cedar Park has grown over 400%. The city boasts a hill country view, family atmosphere, and less than a 20 mile commute to downtown Austin.

Currently, more than 12 projects are underway in Cedar Park. These include a new Wal-Mart Super Center and a Costco.
Local Austin businesses are also interested in opening new locations in the area.
Torchy’s Tacos opened a Cedar Park location in August 2013 and Alamo Drafthouse opened their Lakeline location in July 2013.

This economic growth is good news for both job seekers and employers.  “Our employment has grown since 2005, it’s gone from about 5,000 employees in the city to about 15,000 now,” said Larry Holt with Cedar Park Economic Development.

The city has also briefly mentioned redeveloping some of the older parts of Cedar Park along HWY 183.
They have created an online dialogue about the overall growth of the city at www.imaginecedarpark.com, where locals are encouraged to contribute to the conversation about “how Cedar Park looks and feels in the next 20 years.”

 

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