NFM, previously known as Nebraska Furniture Mart, will be the anchor of the 117-acre project located near the H-E-B Center on New Hope Drive between 183A Toll and US 183. The company operates the three largest furnishing retail stores in the United States, Ben White, the city's economic development director, said.
The development will include a minimum 250-room hotel, a 30,000-square-foot convention center to be owned by the city, 250,000-square-feet of commercial space for tenants, a 500,000-square-foot NFM store and a 700,000-square-foot NFM warehouse.
Construction is expected to begin as soon as 2024 and open in 2025, according to the city.
The project would create several “firsts,” White said. This will be the first NFM with an on-site property and convention center; this will be the first full-service hotel in Cedar Park; and Texas would be the first state to have two NFMs. The other Texas store is located in The Colony in north Texas.
White said the project will achieve the long-time city goal of building a convention center and hotel, which will bring visitors to Cedar Park and provide a venue for community gatherings.
Cedar Park City Council unanimously approved a performance-based development agreement Dec. 9. The city will provide $45 million in performance-based rebates that will be funded with tax revenue generated by the project including sales tax, hotel occupancy tax and a portion of property taxes. The development is expected to generate about $435 million in new city tax revenue over 25 years.
As part of the performance-based deal, the developer will invest a minimum of $400 million to build the project, generate at least $450 million in sales annually, create 725 jobs within one year of opening and make all public infrastructure improvements necessary before development starts.
Jeff Lind, the company’s chief strategy and development officer, said NFM considered several cities across the country for a new store before choosing Cedar Park.
“One of our biggest considerations is the quality of life for staff that lives in the area,” Lind said. “This was just an automatic home run.”
Cedar Park Mayor Corbin Van Arsdale said this is a rare opportunity for the city. This project would also allow the city’s chamber to host its own events.
“We’re tired of having to go to Pflugerville and Round Rock and Georgetown for our events, and we won’t have to anymore.”
Council Member Eric Boyce called the project “transformational," especially for local businesses.
“I look at this as being a local business owner as well as being an advocate for local business here,” Boyce said. “I think what is certainly to be underscored is the number of people this project will bring to our area. I think this makes our local business scene...that much more successful.”
Council Member Anne Duffy said this project will help create primary jobs and diversity the city’s tax base, which is important to help people raise their families and stay in Cedar Park.
“I’m super excited that you chose Cedar Park,” Duffy said.
