Taylor Business Landscape Set for Transformation with iMarket America’s New Industrial Park
In the vibrant city of Taylor, exciting developments are on the horizon with the entry of iMarket America Inc. This company is far from your average real estate developer. Instead, it is positioning itself as a vital player in the business-to-business procurement landscape, especially for industries tied to the tech giant, Samsung Electronics Co. Ltd.
What is iMarket America Inc.?
Founded in 2012, iMarket America is connected to its parent company, iMarket Korea, established in 2000 by Samsung affiliates. The firm specializes in sourcing industrial materials and services primarily for Samsung’s operations. Namho Park, the managing director based in Round Rock, describes their mission simply: “We’re here to bridge the gap between high-tech suppliers and the ever-expanding needs of Samsung.”
Exciting Developments in Taylor
iMarket is in the midst of creating a substantial 212-acre technology park in Taylor that is set to attract industries not just limited to chipmaking, but also electric vehicle manufacturing and life sciences. As Samsung embarks on an ambitious $45 billion expansion project including local operations, iMarket sees this as a prime opportunity to offer a range of options for potential suppliers to establish themselves in the region.
The park is strategically located near the intersection of Carlos G. Parker Boulevard Southeast and Farm to Market Road 112. Plans unveil an exciting vision that includes over 2 million square feet dedicated to industrial use and another 66,000 square feet earmarked for retail, restaurants, and more. There are even plans for recreational areas and a coffee kiosk!
A Friendly Middle-Man
Park has recognized the need for a middle-guy role, claiming, “We saw the chance we could be a good middle-guy for Samsung and many of its suppliers.” That’s why iMarket is stepping up to create the necessary infrastructure to accommodate these high-tech businesses, including leasing space or offering plots of land for new projects.
Challenges and Collaboration
Despite their ambitious plans, iMarket has faced a few hurdles along the way. For one, the Samsung factory is not yet operational, which impacts iMarket’s speed in developing new customer relationships. And boy, do we sometimes forget that cultural differences can slow things down! In Korea, it’s typically the government that handles infrastructure improvements, while here in Texas, that responsibility falls to the landowner. As a result, iMarket has had to invest more upfront than expected.
However, the city of Taylor has been incredibly supportive. Ben White, the CEO of Taylor Economic Development Corp., shared that the project has been progressing through the necessary government processes smoothly, with an engineer already on board and rezoning secured on the first attempt. White expressed optimism, noting, “You’ve got to move dirt for people to see it happening.”
Looking Towards the Future
Park envisions a workspace for up to 30 employees in each warehouse once operations are underway. The plan is to have the first buildings ready by December following infrastructure improvements. He articulates an overarching goal: “We’re trying to create real value here.” With their approach, they aim to set the stage for a thriving industrial area that will attract numerous businesses in the foreseeable future.
In a move that shows the city’s commitment, Taylor recently allocated a tentative $1 million to help with the infrastructure and development costs for “Project iMarket.” While nothing is officially signed just yet, it’s promising news.
All in all, as iMarket America’s plans for this innovative industrial park take shape, the whole city of Taylor is buzzing with anticipation. With its focus on high-tech industries and a collaborative spirit, the area looks set to become a focal point of economic development over the next few years.
Let’s keep our eyes peeled as Taylor evolves, promising new job opportunities and economic growth that could benefit the community for years to come!
