Austin Business Journal shares, "Nearly seven years after a development agreement for Round Rock’s $500 million, long-anticipated mixed-use project The District was originally approved, developer Mark IV Capital has secured an $86 million construction loan to start building the first phase, according to an announcement.
California-based developer Mark IV Capital broke ground on The District in March 2025, six years after Round Rock City Council approved a development agreement in 2019. In the years between project approval and the groundbreaking, the scope of the plans ballooned both in size and cost, with expectations that it would cost in excess of $500 million at full build-out, according to previous reporting.
While The District, located on 66 acres near the intersections of I-35 and State Highway 45 and Dell’s Round Rock campus, was originally planned to have 1 million square feet of space and cost $200 million, it is now a nearly-four-million-square-foot project expected to cost in excess of $500 million.
The $86 million financing was led by BDT & MSD Partners, with participation from an affiliate of Apollo (NYSE: APO). George Smith Partners served as financial advisor and placement agent and advised on capitalization strategy, lender engagement and execution.
“The closing of this financing reflects the institutional credit profile of The District and the market’s confidence in Mark IV’s sponsorship, execution capabilities and long-term development strategy,” Evan Slavik, chair and CEO of Mark IV Capital, said in a statement. “The project benefits from irreplaceable land we acquired directly from Dell, strong submarket fundamentals and adjacency to one of the region’s largest and most stable employment anchors. This capitalization allows us to move forward with Phase I of The District while preserving long-term flexibility across a multi-phase development plan.”
The District’s first phase
The construction loan will be used to fund vertical construction of the first phase, which will be focused on both luxury apartments and retail development, according to the announcement.
A seven-story, 316-unit luxury multifamily building is the largest structure to rise in the first phase. The building will have five levels of wood-frame construction atop a two-level concrete podium. Multifamily units will have studio-, one- and two-bedroom floor plans, and it will have 23,042 square feet of ground-floor retail space.
Amenities will include a third-floor pool deck, cold plunge, dry sauna, clubhouse lounge and a fitness center.
The second property in phase one is a 40,750-square-foot food and beverage plaza consisting of six standalone buildings with from 1,500- to 11,750-square-foot spaces. The goal of the plaza is to generate foot traffic and serve as an economic “catalyst” for future phases of development.
The District is expected to be complete in 2039. Its nearly four million square feet of real estate will consist of office, multifamily, retail and hospitality space, and could create 5,000 jobs, according to previous reporting."
Source: Austin Business Journal
Written by: Cody Baird
Published: February 5, 2026
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