24 Jul Council approves development agreement for cold storage, manufacturing facility
The Round Rock City Council voted unanimously Thursday, July 23, to approve an agreement with the developers of Investex II LLC to construct a cold storage and manufacturing facility containing 125,000 square feet.
In return for Investex investing at least $14 million in the facility and creating at least 60 jobs with an average salary of $60,000 in the next five years, the City will make $375,000 in economic incentive payments over the next five years. The 10-acre site, which is located in Round Rock city limits at 16400 Bratton Lane in Austin, will house nearly 20,000 pallet positions and host an incubation space to encourage and promote growth and success of local new Consumer Packaged Goods (CPG) industry businesses. The cold storage facility will be operated by Triple Temp Cold Storage LLC.
Investex II LLC is a privately held real estate development firm. The company’s focus is on developing land and asset management of cold storage and food related facilities.
“We are thrilled to announce that the CPG cold storage and incubator concept will be first to market in the Austin-Round Rock area,” said Michael Renna, CEO of Investex. “The company is immediately available to take advantage of both leasing opportunities in support of a variety of market-driven cold storage, e-commerce, and new business demands.”
Chosen companies will work with Investex to learn from leading experts on how to be a profitable and successful company without giving up their ownership to outside investors. They will receive guidance on research, development, procurement, marketing, finance, food sanitation, safety, equipment operation, and networking from leading experts in the CPG industry.
“We could not be more excited for this announcement. Not only is Investex making an investment in Round Rock’s growing logistics sector, they are dedicating a substantial amount of space for innovation and growth within the CPG industry,” said Jason Ball, the chamber’s president and CEO. “This is an immediate benefit to Round Rock with future long-term opportunities to follow.”
The Investex incubator will be slightly different from other incubators in that it will work with start-ups that already have a compelling product and are looking to turn it into a viable business. There will be a common working space, which brings food producers, entrepreneurs, investors and chefs together to collaborate.
The incubator’s founder, Michael Angelo Renna, has been in the CPG frozen food category for more than 35 years. He is the founder of Michael Angelo’s Gourmet Foods and a contributing founder of SKU Austin and Naturally Austin.