posted on June 25, 2011 23:20
Emerson Process Management
will soon move 750 employs from Austin to Frontera Vista at La Frontera in Round Rock.
The company purchased the property at 1100 W. Louis Henna Blvd. for an undisclosed amount, but a recent Williamson County Appraisal estimate pegged its value at about $20 million. Emerson said it plans to create another 125 positions over the next three years, bringing the office's total to 875 workers.
Emerson also expects to occupy 10,000 room nights each year at area hotels. Matt Mathias and Michael Levy of Matt Mathias & Co. and Curt Stanton of Paine-Wetzel’s Chicago office represented the buyer as co-brokers. The firms have worked with Emerson in past deals.
The new facility will serve as the company’s international headquarters and technology center for Emerson Process Management; which delivers automation technologies and services to chemical, oil and gas, refining, pulp and paper, life sciences and other industries.
Emerson’s systems and services president in Austin, Jim Nyquist, said in a release “our decision was based on many factors, but the combination of the facility and strong business climate in Round Rock and Williamson County was hard to beat.”
Emerson received a $1.75 million incentive package that will include support from the city, county and Momentum Economic Opportunity Fund of the Round Rock Chamber of Commerce and Economic Development partnership.
The city council and county commissioners court still need to vote on a memorandum of understanding with Emerson. The agreement would outline performance standards that Emerson must meet to get full program payments. Formal agreements on the incentive payments are expected to be voted on by both bodies within a month.
6/17/11, Austin Business Journal, Cody Lyon