MCLENNAN COUNTY, Texas (KXXV) — Cornerstone Caregiving is relocating its global headquarters to the historic Insurors of Texas Building in downtown Waco, bringing a $24 million investment and hundreds of jobs.
- Cornerstone Caregiving is relocating its global headquarters to the historic Insurors of Texas Building in downtown Waco.
- The company purchased the building for $12 million and plans to invest another $12 million in renovations, with the City of Waco contributing $500,000 in TIF funds.
- Cornerstone is expected to employ 300 people at the location by year five of its renovation, with wages ranging from $70,000 to $300,000.
- The top two floors of the 82,000-square-foot building are vacant and expected to be converted into office space.
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BROADCAST TRANSCRIPT:
Cornerstone Caregiving is moving its global headquarters to downtown Waco, bringing with it a $24 million investment and plans to employ 300 people by 2032.
The Waco-based company is relocating to the Insurors of Texas Building in downtown Waco. Cornerstone is expected to occupy the first two floors of the historic 82,000-square-foot building. The top two floors, which are currently vacant, are expected to be converted into office space.
The company purchased the building for $12 million and is expected to invest another $12 million in renovations. The City of Waco is contributing $500,000 in TIF funds. The city is also expecting to grant more funding to Cornerstone Caregiving through the Waco McLennan County Economic Development Corporation. However, that funding depends on the building being used for office space.
The mayor said the project represents a significant economic opportunity for downtown.
"That's a $12 million investment that they're making, 300 jobs, wages up to $300,000, and so that level of wage is exactly what we're looking for downtown," Mayor Jim Holmes said.
City leaders believe the expansion will boost foot traffic and spur broader downtown economic growth over the next five years.
Nearby businesses are already anticipating the impact. L&L Hawaiian, located directly across the street from the Insurors Building, said the influx of workers could bring in repeat customers.
"I know a lot of the buildings downtown are vacant so just having people that are downtown working down here every day, just more people in the area of downtown, that would help our business a lot," Manager of L&L Hawaiian, Cornelius Brown said.
Assistant Director of Economic Development for the City of Waco, Jeremy Pesina said Cornerstone has suggested residences could be part of the building's upgrade, but the city's additional funding is contingent on the space being used for high-end office space.
Cornerstone Caregiving is also actively expanding into Canada and has plans to grow further internationally.
Cornerstone Caregiving did not respond to a request for comment on its growth.
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