The Waco City Council is looking at two multi-million dollar proposals for developing Heritage Square in downtown Waco.
Two developers presented their proposals to the council on Tuesday night during a city council meeting.
"We feel like now is the right time," Waco City Manager Dale Fisseler said. “It’s a solid block downtown right across from City Hall.”
Fisseler this isn't the first time they have requested proposals for the vacant area.
"We did this process about three years ago and we didn't get any proposals. But Waco is hot right now. The real estate market is hot,” Fisseler said. “We've got a lot of investors coming in from outside of the city that want to build in Waco and so we had this opportunity with another good size piece of property where we wanted to see what our best options were for redevelopment."
Kinkeade Development Group and the Civic Center, LLC, both submitted proposals for the space. Both proposals have an office-space component and some retail.
“We wanted to present it to the full council because we felt like they were both good proposals and they both brought good things to Waco,” Fisseler said.
Kinkeade Development Group proposed a plan called “Heritage Crossing.” It would include restaurants, retail, a specialty grocery store and an office-space. They also included a tornado memorial and trolley stop to their proposal.
The Civic Center, LLC, proposed four buildings, retail, 550,000-square feet of office space, and an urban park with 1,200 underground parking spaces.
"I think right now Waco is in a really interesting part of their history where there's a lot of folks that are willing to make some significant investments in the downtown area," Fisseler said.
Fisseler said city council will most likely make a decision in September.
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