Nebraska Furniture Mart will open its second Texas megastore in the northern suburb of Cedar Park, Austin.
The Top 100 company, part of Berkshire Hathaway’s furniture division, received unanimous approval Thursday for the project from city council 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.
NFM has committed to investing a minimum of $400 million in the overall project, though it will likely be at least three years before the location opens. 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 receive about $45 million in performance-based tax rebates in return for its investment and meeting certain jobs and sales thresholds.
At The Colony in greater Dallas, the retailer currently goes by Nebraska Furniture Mart of Texas, but a company-wide branding initiative will convert the stores to the abbreviated NFM brand and logo.
“When looking for future store locations, we have an extensive evaluation process,” Jeff Lind, chief strategy and development officer 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.”