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The founder of Fast Friends Beer Co. calls the area a “Craft Brewery Desert”.
AUSTIN, Texas – Construction of a new 16,500 square foot brewery in southeast Austin has begun, according to a report in the Austin Business Journal (ABJ). Fast Friends Beer Co. will be located east of Interstate 35 between William Cannon Drive and Slaughter Lane.
Fast Friends was founded by Dave Childress, who received his MBA from the University of Texas at Austin. He previously ran Common Space Brewery in Hawthorne, California and TEN20 Craft Brewery in Louisville, Kentucky.
ABJ reports that the property is in an opportunity zone – a federally designated area that offers tax breaks for capital gains for investments in low-income census areas. Profits from Opportunity Zone investments are also not taxed if the stake is held for at least 10 years.
In addition to the potential capital gains tax breaks, Fast Friends will be opening in what Childress calls the “craft brewery desert”.
According to ABJ, the brewery will be the only one in town located both east of I-35 and south of St. Elmo Road. Fast Friends has compiled data showing that nearly 19,000 people live within a mile of the site while an estimated 154,000 vehicles drive past the site every day.
Childress told ABJ that he expects the brewery to have 35 to 40 employees when it opens in 2022.
“We will definitely be [opening] in 2022. We’ll be disappointed if we don’t serve beers until fall, “Childress told ABJ.” We’ll be excited to see a soft opening for Cinco de Mayo or Memorial Day. “
In addition to beer, the brewery will have a menu that focuses on “a concept of upscale tacos,” said Childress.
SEE: Booming Breweries: The Growth of the Beer Industry in Central Texas
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