Berkshire Hathaway’s Nebraska Furniture Mart has won key zoning approval for its new Austin development. NFM is set to build a retail, hotel, and convention center in Cedar Park, a town located 16 miles north-west of Austin.
The Cedar Park City Council unanimously approved the rezoning of the 118-acre parcel, with construction anticipated to begin in 2024.
The development will comprise a 250-room hotel with a 30,000-square-foot convention center, 250,000 square feet of commercial space, a 500,000-square-foot NFM store, and a 700,000-square-foot warehouse servicing NFM.
The city of Cedar Park has offered $45 million in performance-based rebates if Berkshire invests $400 million and creates 725 jobs in the first year of operation. NFM’s CEO Tony Bolt chose Cedar Park after searching for a second Texas location, and it will complement NFM’s Grandscape development in Dallas-Fort Worth.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.