Construction is officially underway for an ambitious Texas project by an Orange County private equity firm.
Earlier this month, Newport Beach-based Mark IV Capital broke ground on a 65.5-acre mixed-use project in the Austin suburb of Round Rock, Texas. The project, called The District, would be an urban center with hotel, office, residential and retail uses.
The District would resemble Austin’s The Domain, an urban district home to several office buildings, restaurant chains, hotels, apartment complexes and a movie theater. Office tenants at The Domain – a Simon Property Group L.P. property – include Amazon, FedEx and Indeed.com. The Domain is also home to an Apple store, Fleming’s Prime Steakhouse & Wine Bar, Neiman Marcus and a Westin hotel.
“The District will be Round Rock’s first highly walkable urban district, integrating residential, retail, office and hotel space into one dynamic destination,” Mark IV Capital wrote on its LinkedIn page shortly after the project’s groundbreaking. “Designed to foster connection and convenience, this development will provide a place where people can live, work and thrive with best-in-class amenities in a seamlessly connected environment.”
The private equity firm bought the property where The District is being built in 2016.
Mark IV Capital project, according to the city of Round Rock, would cost about $500 million to build and bring 3 million square feet of development to Austin’s northern suburbs by 2039.
The District, first proposed to the city in 2017, was originally slated to be a 1-million-square-foot development.
The city, in 2019, agreed to contribute nearly $13 million for infrastructure improvements, such as roads and sidewalks, in exchange for a mixed-use development featuring office, residential and retail uses.
The plan was revised in 2022 and approved in 2024 for The District to feature a 3-million-square-foot project and a $25 million reimbursement from the city of Round Rock for infrastructure costs. The reimbursement would be funded through sales tax revenues earmarked for transportation and development projects, according to city officials.
At least 200,000 square feet of development must be completed by 2028 followed by 1 million square feet by 2029.
All 3 million square feet of development must be completed by 2039.
At least 600,000 square feet of The District must be dedicated to commercial and retail uses.
City officials anticipate generating about $40 million in revenue for Round Rock, over the next 20 years. Round Rock, located about 20 miles north of Austin, is famous as the headquarters of Dell Technologies Inc.
The Development Team
Also working with Mark IV Capital on The District is W.E. O’Neil, a Chicago-based general contractor with a satellite office at 2100 Main Street in Irvine.
Both entities are developing an outdoor mixed-use plaza similar to Irvine Spectrum Center and The Americana at Brand in Glendale.
Mark IV Capital moved into its Newport Beach headquarters building in 2015 and expanded its space at 4450 MacArthur Blvd. by 6,500 square feet in 2022. Its portfolio includes 101 Pacifica and Crossroads Corporate Centre in Irvine, and Victory Logistics District in Fernley, Nevada.
W.E. O’Neil’s projects a midfield satellite concourse at LAX, a senior living facility in Irvine, and the 52,100-square-foot Snyder School of Cinema & Media Arts film studio at Biola University in La Mirada.
