Apple Inc. completed the purchase June 21 of 38 acres in Northwest Austin where the company intends to build a 1 million-square-foot operations center.
The sale does not indicate how much Apple paid for the three tracts of land located off of Parmer Lane at Delcour Drive, adjacent to its existing facility at 12545 Riata Vista Circle. The land is currently valued at $7.4 million, according to Travis Central Appraisal District records.
Apple, which has headquarters in Cupertino, Calif., plans to open the $282.5 million operations facility and hire more than 3,600 employees. On May 1, Travis County commissioners approved a contract outlining a tax incentive for the company for meeting certain requirements. Apple will receive a 60 percent base rebate on property taxes for the first 10 years and then a 40 percent rebate in the last five years of the agreement. The total incentives Apple could receive are between $5.4 million and $6.4 million during the 15-year period.
The City of Austin approved its tax incentive agreement March 22 for $8.6 million, and Apple is eligible to receive a $21 million state investment over 10 years from the Texas Enterprise Fund, which is used to attract businesses to the state.
Riata Vista LP owned the three plots at Delcour Drive and Parmer Lane, according to Travis County records. Riata Vista LP is an entity of Rosemont, Ill.–based McShane Corp., which comprises four companies that focus on development, construction and health care solutions. The corporation is headed by James McShane.
McShane Development Co. has an office located at 816 Congress Ave., Ste. 1680, in Austin.
In February 2007, McShane Corp. partnered with MetLife Real Estate Investments to purchase the 38 acres from Sun Microsystems Inc., now owned by Oracle, according to a news release dated September 2008.
Representatives from McShane and Apple did not respond to requests for comment.