MCLENNAN COUNTY, Texas (KXXV) — The city is investing nearly $2.5 million into the Dallas-based brewery concept, expecting to recoup the funds through rent within nine years.
- Waco City Council approved a 10,000-square-foot Manhattan Project Brewing Company location for the ground floor of the Foster Pavilion parking garage.
- The Dallas-based concept will feature a taproom, bar, and coffee to help enhance the game day experience and riverfront development.
- The city is investing nearly $2.5 million into the project from its Bond CIP Interest Earnings Fund.
- Waco expects to recoup its investment within nine years of the 15-year lease by collecting roughly $241,000 annually in rent.
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The Waco City Council approved a 10,000-square-foot restaurant and brewery concept for the ground floor of the Foster Pavilion parking garage.
Manhattan Project Brewing Company, a Dallas-based business, will bring a taproom, bar, and coffee to the space right outside the pavilion.
"It's really going to activate a game day experience so people will be coming down here a little bit early or staying a little bit late before and after the game. So that's super exciting," local Gary Pineda said.
I reached out to Baylor University about the new brewery concept.
"Baylor has shown consistently that we can bring in top live music and entertainment year round at Foster Pavilion, and it’s exciting to continue to build on the energy and excitement around Waco’s riverfront development," a university spokesperson said.
A neighbor who lives within walking distance of the soon-to-be brewery told me he is looking forward to the empty downtown space filling up with more attractions.
"I'm fairly new here, but what I've seen, it's, it's pretty nice. It's a nice time to be here. Um, like right now I think they're currently doing some upgrades at the river, and they're gonna have some additions there. I mean, there's growth popping all over the place," the neighbor said.
Waco Mayor Jim Holmes told me with Waco’s growth, the city’s investment into the brewing company from the Bond CIP Interest Earnings Fund will benefit the community. The city is investing nearly $2.5 million into the project.
"Yes, uh, it's a $2.5 million investment by the taxpayers of the city. It's an investment, but we also have an ROI built into that, and we think it's going to have a really a multiplier and a ripple effect ROI as people come down and enjoy this new restaurant," Holmes said.
The lease is set for 15 years. Holmes told me the city expects to recoup its investment within nine years, as they plan to make roughly $241,000 a year through rent from the parking garage's new ground-floor tenants.
"Regardless there's a game going on or not and also just for the Waco residents in general to enjoy this area and this part of town that's growing and all the new restaurants and retail," Holmes said.
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