Founders Trevor Doelling and Jason Mangum have purchased 157 acres next to the Georgetown Municipal Airport and plan to build two commercial buildings with a total of 200,000 square feet, the release said. Texas Speed will occupy 70,000 square feet in one building and lease the remaining space, it said.
The total capital investment for the project is expected to be $11.5 million, including $1.5 million in infrastructure improvements, the release said.
Texas Speed, founded in 2002, is now one of the largest high-performance late-model General Motors parts retailers in the country and currently leases 36,000 square feet of space from Texas Outdoor Power Equipment, the release said. The company employs 62 people and plans to add 45 new employees with an average salary of $50,000 over the next five years, it said.