Industry 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

 

 

California developer plans high-end office space in Round Rock

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Newport Beach, Calif.-based Mark IV Capital tentatively plans to break ground on Round Rock’s first Class A office space beginning this summer. The 82,000-square-foot building will be the second building at The Summit at La Frontera office park near the intersection of Hesters Crossing Road and La Frontera Boulevard.

The architect, engineer and general contractor have yet to be selected.

Mark IV Capital purchased the land and the adjacent Summit I office building in October 2013 from Maryland-based Moore & Associates Inc. The 87,000-square-foot Summit I is a Class B property built in 2001. It’s almost 95 percent occupied with tenants that include Broadcom Corp., HDR Engineering, Prime Lending and SmartNote.

Robert Shore of Don Quick and Associates Inc. represents Mark IV Capital with the leasing of Summit I and the preleasing of Summit II.

“We are targeting a large user requiring 15,000 to 20,000 square feet or more of Class A office space in Central Texas for Summit II,” Shore said. “We are already working with several companies who are looking to enter the greater Austin area and require this type of office space.”

This is Mark IV Capital’s first investment in Austin. The company researched the Austin market for about 10 years before committing capital here.

“Round Rock is a magnet for attracting businesses due to progressive city leaders and a pro-business climate,” said Justin Basie, asset manager for Mark IV Capital.

Mark IV Capital is active in real estate acquisitions and developments in Phoenix, Denver, Las Vegas and Southern California.

Jan Buchholz, Austin Business Journal (Follow her on Twitter)

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.

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.

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