Two companies are proposing another development along Waco’s Riverwalk that would complement the Brazos promenade currently underway.
The proposed project called Brazos Commons would include an 11-story hotel with conference space and 160 guest rooms. In addition, it would feature 400 apartments and some retail shops on University Drive between the Robinson Tower and the old fire station.
On Thursday, the developers from Drury Hotels and Westdale companies requested $7.8 million from the Reinvestment Zone #1 for Tax Increment Financing Board.
TIF funding, which aims to facilitate development, comes from property tax revenue from areas, such as downtown, that is over a base value set by local taxing entities.
The advisory board for the City of Waco approved reimbursing the developers for $5.8 million over four years to pay for costs associated with public improvements, such as public parking. In addition, it agreed to reimburse the city $2 million for costs associated with the relocation of Oncor electric lines.
“If you think about your Riverwalk experience, if you think about what the city can give you as a place to hang out on a Saturday afternoon, you are going to enjoy taking your family downtown in a few years even more than you do now because of projects like this,” City Center Waco Executive Director Megan Henderson said.
The city council will have the final vote on whether to approve the TIF funding.
The $130 million project, which would break ground in the fourth quarter of 2018, is expected to be completed in its entirety in 2021.
“It's certainly a great day for downtown, knowing that it looks like this project --this ambitious, exciting project will be moving forward,” Henderson said.
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