by CEDAR PARK, Texas — Nebraska Furniture Mart has won city council approval for its second mega store and development in Texas and its first here in this northern suburb of Austin.
The Top 100 company, part of Berkshire Hathaway’s furniture division, received unanimous approval Thursday for a project that will include a roughly 500,000-square-foot NFM showroom, 700,000-square-foot distribution center and additional development including a hotel and convention center and additional retail space.
Jeff Lind, chief strategy and development officer for NFM, confirmed the approval and the plan to Home News Now Friday. He said the exact size of the store and project have yet to be determined but said that the complex will be similar to the company’s operation in The Colony in North Dallas — probably slightly smaller because of “headway made in distribution and some other factors.”
NFM has commited to investing a minimum of $400 million in the overall project. Asked about the timing, Lind said. NFM needs to gain additional approvals from the state for the hotel and convention center piece, but will be working with the city to develop the project “as quickly as we can.” It will probably be at least three years before it opens, he added.
Austin “is a very vibrant market,” Lind said. “We love Texas. We’ve had great success in the (Dallas-Fort Worth) metro , and we’re just looking to continue that success in Texas.’
At The Colony in greater Dallas, the retailer currently goes by Nebraska Furniture Mart of Texas, but that’s changing. Via a company-wide branding initiative, stores are converting to the abbreviated NFM brand and logo. “As we looked out … longer-term, it kind of made sense to shorten it up,” Lind said. NFM currently operates stores in Omaha, Neb., (its flagship), Kansas City, Kan., and greater Dallas, as well as Homemakers Furniture in Des Moines, Iowa.
According to a release, the development will be located near US 183A, and the city council’s approval “marks a crucial first step toward the city securing the 117-acre development that is expected to generate $435 million in net new city tax revenue within 25 years of opening.
Located at 750 E. New Hope Dr., the project would include a 250-room (or larger) hotel with a 30,000-square-foot city-owned convention center; 250,000 square feet of commercial development space; and the NFM store and distribution center complex. Under the terms of a master development agreement NFM would recieve about $45 million in performance-based tax rebates in return for its investment and meeting certain jobs and sales thresholds.
“When looking for future store locations, we have an extensive evaluation process,” Lind said in the release. “The quality of life and vibrancy of the communities we locate in is very important. Cedar Park offers a great quality of life in so many aspects, which makes it an excellent choice.”
