City chooses developer, price tag revealed for new riverfront development

Posted at 7:35 PM, Nov 02, 2016
and last updated 2017-03-02 17:38:08-05

Waco's city council has chosen a developer for the new multi-million dollar Brazos Promenade project.

The Brazos Promenade is slated to be a 17-acre entertainment attraction in Waco. It will stretch from Interstate 35 to Franklin Road. A ten-story boutique hotel, destination themed restaurants, and condominiums are some of the things the city hopes to build in the area. 

Larry Holze is a city of Waco spokesperson and said a Dallas-based developer is working on the project.

"The city council voted to accept Catalyst Urban Development's proposal to let them be the developer of the whole area," Holze said. "This is a project that's been on the planning for a long time."

It's also a project that Holze said will cost millions to make happen.

"The total bill -- total package right now seems to be estimated at anywhere between $88-100 million dollars," he said. "The majority will come from private investors, [and] the city will contribute certain parts of that. 

Paris Rutherford is the principal at Catalyst Urban Development. He said the project is something he looks forward to tackling. 

"We're very excited about it. It's a major turning point in the evolution of downtown Waco," Rutherford said. "It's going to kind of fix some of the wounds that were created by the tornado back in the day that tore a lot of the buildings down in the area.

The developer said the construction is going to start at the corner of University Street and Webster Street. He said the work is going to be done in three phases, and that the Promenade should be completed within six years after construction starts. 

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