$400M hotel, Convention Center Complex and 500k-square-foot Furniture Store Coming to Cedar Park
Exciting development news came to the city of Cedar Park this month, with the announcement of a $400M hotel, convention center and 500,000-sqft NFM store being built in what was called “a once-in-a-generation development.”
Per the Community Impact, the development will be located near the H-E-B Center on New Hope Drive between 183A Toll and US 183 with NFM (previously known as Nebraska Furniture Mart) being the anchor to the 177-acre project.
Also in the works is a 250+ room hotel, 30,000 sqft convention center, 250,000 sqft of commercial space, 500,000 sqft NFM store, and a 700,000 sft NFM warehouse.
Cedar Park Mayor Corbin Van Arsdale said this “gives Cedar Park the hotel and convention center we’ve wanted for a long time, to help attract more visitors and provide a much-needed venue for large gatherings so that locally-organized events don’t have to be held outside of our community.”
What is NFM?
NFM is an “84-year-old company provides one-stop shopping destinations that attract customers from across the nation with enormous inventories of furniture, appliances, electronics, flooring and other home goods at a wide variety of prices,” per the press release announcing this development.
The project must create a minimum of 725 jobs within the first year of opening. Additionally, CPM Development (the developer) is “required to invest a minimum of $400 million to build the NFM-anchored development, which then must generate a minimum of $450 million annually in sales.”
“This agreement places all of the risk on the developer for a transformative project that will create the greatest economic development return in Cedar Park’s history,” said Cedar Park City Manager Brenda Eivens. “This development will generate hundreds of millions of dollars in net new tax revenue that can be used to enhance City services and amenities. It also will help achieve the City’s long-time goal of diversifying our tax base to ease the burden on Cedar Park residents.”
More to come about this project and its impact on surrounding real estate as additional information is announced.