Baylor University and the City of Waco are partnering for the development of a riverfront location of the Paul and Alejandra Foster Pavilion.
This facility, located along the Brazos River on the west side of I-35, will serve as a home for Baylor's championship men's and women's basketball teams; and is a part of a $700 million project in "upcoming investments" on the riverfront from I-35 to Franklin Avenue, according to the announcement.
"At full build out, this project will be the largest economic development project in Waco's history and will undoubtedly transform the face of Downtown Waco," said Waco Mayor Dillon Meek. "It embodies what today's Waco is all about: collaborative spirit, big dreams and an authentic commitment to ambitious action."
The multipurpose basketball facility is set to match the likes of McLane Stadium and will be "in the highest visibility area of the city's growing Riverfront district," according to Baylor Athletics.
"The Paul and Alejandra Foster Pavilion will undoubtedly be one of the nation's preeminent basketball facilities – uniquely positioned on the banks of the Brazos in Waco, Texas," said Baylor Vice President and Director of Intercollegiate Athletics Mack B. Rhoades IV. "Facilities like this don't just happen. It takes a shared vision and commitment to excellence for our athletic department and our 500+ student-athletes, the Baylor Family and the City of Waco."
Following the announcement, the university and city have until March 1 of 2022 to negotiate and execute a final agreement.
"There is no city in Texas ripe with more opportunity – from our local entrepreneurs, artists and small businesses to corporations like Space X and Amazon – Waco's economy and culture is on the move," said Meek.