Second development proposed for downtown Waco's Riverwalk - KXXV-TV News Channel 25 - Central Texas News and Weather for Waco, Temple, Killeen |

Second development proposed for downtown Waco's Riverwalk

Source: Mike Anderson Source: Mike Anderson
Source: Mike Anderson Source: Mike Anderson
WACO, TX (KXXV) -

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.

Copyright 2017 KXXV. All rights reserved.

  • NewsMore>>

  • US Marines' bravery celebrated 100 years after French battle

    US Marines' bravery celebrated 100 years after French battle

    Sunday, May 27 2018 8:04 AM EDT2018-05-27 12:04:22 GMT
    Sunday, May 27 2018 7:05 PM EDT2018-05-27 23:05:55 GMT
    (AP Photo/Virginia Mayo). U.S. Marine Corps soldiers stand beneath the U.S. flag during a Memorial Day commemoration at the Aisne-Marne American Cemetery in Belleau, France, Sunday, May 27, 2018.(AP Photo/Virginia Mayo). U.S. Marine Corps soldiers stand beneath the U.S. flag during a Memorial Day commemoration at the Aisne-Marne American Cemetery in Belleau, France, Sunday, May 27, 2018.

    High-ranking military officials from the U.S., France and Germany have taken part in Memorial Day ceremonies at an American cemetery in northern France to mark the centennial of the battle of Belleau Wood, a key...

    More >>

    High-ranking military officials from the U.S., France and Germany have taken part in Memorial Day ceremonies at an American cemetery in northern France to mark the centennial of the battle of Belleau Wood, a key moment in Marine Corps history.

    More >>
  • Freed after 2 years, man jailed in Venezuela returns to US

    Freed after 2 years, man jailed in Venezuela returns to US

    Saturday, May 26 2018 9:53 AM EDT2018-05-26 13:53:22 GMT
    Sunday, May 27 2018 7:05 PM EDT2018-05-27 23:05:45 GMT
    Senator Corker’s office tweeted out an image of Josh Holt and his wife before leaving Venezuela. (Source: Twitter/@SenBobCorker)Senator Corker’s office tweeted out an image of Josh Holt and his wife before leaving Venezuela. (Source: Twitter/@SenBobCorker)

    A Utah man has been released from a jail in Venezuela after spending nearly two years behind bars on weapons charges.

    More >>

    A Utah man has been released from a jail in Venezuela after spending nearly two years behind bars on weapons charges.

    More >>
  • Giuliani advises no Mueller interview without informant info

    Giuliani advises no Mueller interview without informant info

    Sunday, May 27 2018 11:05 AM EDT2018-05-27 15:05:32 GMT
    Sunday, May 27 2018 7:05 PM EDT2018-05-27 23:05:15 GMT
    President Donald Trump's attorney Rudy Giuliani says the president wants details on the classified information shared with lawmakers about the FBI investigation into Russian election meddling before deciding on an interview (Source:CNN)President Donald Trump's attorney Rudy Giuliani says the president wants details on the classified information shared with lawmakers about the FBI investigation into Russian election meddling before deciding on an interview (Source:CNN)

    President Donald Trump's attorney Rudy Giuliani says the president wants details on the classified information shared with lawmakers about the FBI investigation into Russian election meddling before deciding on an...

    More >>

    President Donald Trump's attorney Rudy Giuliani says the president wants details on the classified information shared with lawmakers about the FBI investigation into Russian election meddling before deciding on an interview with the special counsel.

    More >>
Powered by Frankly