Nebraska Furniture shops The Colony

THE COLONY – Nebraska Furniture Mart has broken ground on its 560,000-sf retail showroom and a 1.3 million-sf distribution center at 3500 Plano Pkwy, just off the Sam Rayburn Tollway.

The project is part of a 433-acre retail, dining, hotel and entertainment district. Nebraska Furniture Mart expects to hire 4,000 workers for construction and 2,000 employees once the store opens.

The $1.54 billion project, is expected to attract 8 million visitors and have $600 million in sales annually. Plans call for $802 million to be paid by the city through a Tax Increment Finance (TIF) district.

In return for financing, the Mart must open its store by December 31, 2015, and have 850 full-time employees by January 1, 2016. The Mart also must complete millions in additional development by certain benchmark years. If the Mart doesn’t meet these targets, its incentive package is reduced.

Read more at the Dallas Business Journal.

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