Round Rock Council OKs Cold Storage/Manufacturing Facility Development Deal
Feature Illustration: Rendering of the cold storage facility proposed by Investex. Courtesy: City of Round Rock.
by Adolfo Pesquera
Round Rock (Williamson County) — City Council approved an agreement last week with a private developer that will bring a 125,000-square-foot cold storage and manufacturing facility.
Investex, developers of Investex II LLC, will spend at least $14 million in the facility and create at least 60 jobs earning average salaries of $60,000. The city’s commitment is $375,000 in economic incentive payments over the next five years.
The 10.66-acre site, located just inside Round Rock city limits at 16400 Bratton Lane, will house nearly 20,000 pallet positions and an incubation space to encourage and promote growth and success of local new Consumer Packaged Goods industry businesses. The new building will be located directly behind (south) of Michael Angelo’s Gourmet Foods Inc. facility.
Triple Temp Cold Storage LLC will operate the cold storage facility. 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.
Investex promises to begin construction on or before Aug. 1, 2021, according to the agreement prepared by the Round Rock Transportation and Economic Development Corporation and approved unanimously by City Council on July 23.
“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 Angelo Renna, CEO of Austin-based 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.
“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.
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.
Edited in part from a City of Round Rock news release.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.