On July 23, Round Rock City Council approved an economic agreement with Investex II LLC to construct a cold storage and manufacturing facility on the site. The facility will be operated by Triple Temp Cold Storage LLC.
Investex committed $14 million for the purchase of the property—a 10-acre site in southwest Round Rock—and construction of the building, said Nichole Vance, director of business attraction for the Round Rock Chamber.
“We’ve been working with Investex for over a year now to bring this project to Round Rock,” Vance said.
In addition, the company will create 60 new jobs over the next five years, per the agreement. In return, Investex will receive $375,000 in economic incentive payments, which will be paid in installments and based on the company successfully meeting performance targets, Vance said.
Positions are expected to include maintenance engineers, food science engineers and management roles, with an average salary of $60,000 a year, Vance said.
Investex CEO Michael Renna addressed council Thursday night. He said he moved to Round Rock from San Diego in 1993 and started Michael Angelo’s Gourmet Foods. The 10-acre property on which he will construct the new facility abuts Michael Angelo’s.
“We are thrilled to announce that the CPG cold storage and incubator concept will be first to market in the Austin-Round Rock area,” Renna said.
He described his vision for the facility to also serve as an incubator for entrepreneurs to create new food products and take them to market.
The facility is expected to be completed by Aug. 1, 2021, according to city documents.