WACO, Texas — The Waco city council approved $2.3 million dollar in TIF funding on Tuesday night to contribute to the re-development of a failed downtown shipping container retail complex.
A California development organization, RAD LAB, is breathing new life into the failed "Containerry" project on 4th Street in downtown Waco and is expected to break ground on the project within the next two months.
"It's on its second wind, and we're very grateful for this group from California and Australia to come into town to take a look at this opportunity and kind of bring some life into a project that didn't quite get finished, didn't quite get off the ground," said the city's economic development director, Kent George.
RAD LAB is investing an estimated $12 million into the project, known as "Herringbone", which will include retail space, dining, an outdoor plaza and a hotel.
"We're really trying to focus on how to bring people together. That's a big focus on any project we're going to do," said RAD LAB CEO Philip Auchettl.
The city reached out to RAD LAB after seeing its similar work on projects across the country. RAD LAB is working alongside locals, like Milo All Day's Corey McEntyre, to cultivate a group of retailers and food vendors for the space.
The space is expected to be complete by fall 2023.