Second development proposed for downtown Waco's Riverwalk - KXXV Central Texas News Now

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>>

  • 'Queen of Soul' Aretha Franklin dies

    'Queen of Soul' Aretha Franklin dies

    Thursday, August 16 2018 10:04 AM EDT2018-08-16 14:04:34 GMT

    Her voice is associated with an era of transformative music in the 1960s and 1970s as well as with some of the most important singular events in American history.

    More >>

    Her voice is associated with an era of transformative music in the 1960s and 1970s as well as with some of the most important singular events in American history.

    More >>
  • Brennan: Trump worked with Russians and now he's desperate

    Brennan: Trump worked with Russians and now he's desperate

    Thursday, August 16 2018 12:50 AM EDT2018-08-16 04:50:48 GMT
    Thursday, August 16 2018 9:56 AM EDT2018-08-16 13:56:19 GMT
    (AP Photo/Pablo Martinez Monsivais, File). FILE - In this May 23, 2017, file photo, former CIA Director John Brennan testifies on Capitol Hill in Washington, before the House Intelligence Committee Russia Investigation Task Force. President Donald Trum...(AP Photo/Pablo Martinez Monsivais, File). FILE - In this May 23, 2017, file photo, former CIA Director John Brennan testifies on Capitol Hill in Washington, before the House Intelligence Committee Russia Investigation Task Force. President Donald Trum...

    Trump also threatened to yank the clearances of a handful of individuals, including former top intelligence and law enforcement officials, as well as a current member of the Justice Department.

    More >>

    Trump also threatened to yank the clearances of a handful of individuals, including former top intelligence and law enforcement officials, as well as a current member of the Justice Department.

    More >>
  • Colorado man arrested after pregnant wife, 2 children vanish

    Colorado man arrested after pregnant wife, 2 children vanish

    Thursday, August 16 2018 4:05 AM EDT2018-08-16 08:05:05 GMT
    Thursday, August 16 2018 9:56 AM EDT2018-08-16 13:56:04 GMT
    The man's pregnant wife, 34-year-old Shanann Watts, and their two daughters, 4-year-old Bella and 3-year-old Celeste were reported missing Monday.The man's pregnant wife, 34-year-old Shanann Watts, and their two daughters, 4-year-old Bella and 3-year-old Celeste were reported missing Monday.

    Authorities say the husband of a missing family in Colorado has been arrested in connection with the case.

    More >>

    Authorities say the husband of a missing family in Colorado has been arrested in connection with the case.

    More >>
Powered by Frankly