AUSTIN, Texas — The city of Round Rock is going to get its own shopping center similar to The Domain.
A developer is putting $500 million into building a mixed-use development called The District. Construction on the 66-acre development will start next year in between State Highway 45 and Interstate 35.
That area will eventually become luxury apartments, tech offices, retail and green space. The District is expected to create 5,000 jobs. It likely won't be finished until 2039.
Last month, the Round Rock City Council approved an amended agreement with developer M4 Greenlawn LLC for the project behind Round Rock Crossing. The contract shows developers must complete 200,000 square feet by 2026, 1 million square feet by 2029 and 3 million square feet by 2039, with a minimum of 600,000 square feet of commercial and retail space.
It’s expected that net revenue to the city of Round Rock from the project will be at least $40 million over the next 20 years, for an annual net average of $2 million over that time.
If the developer meets all the terms of the contract, the city of Round Rock will reimburse the company $25 million for the cost of public infrastructure, including roads, water and wastewater lines.
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