The downtown area of Waco, Texas is set for a major upgrade, adding further charm to the city’s rapidly evolving cityscape. Following a recent approval from the Tax Increment Financing (TIF) board, an extra $17.4 million will be funnelled into the riverfront parking garage adjacent to the newly proposed Baylor University basketball arena.
This substantial financial boost heralds exciting news for residents and potential homebuyers eying the region, as the total contribution to the riverfront project now nests at an impressive $133 million. Key among the approved enhancements will be an imposing $9.5 million metal facade adorning the 90-foot-tall riverfront garage set on University Parks Drive. Strategically located oppposite the proposed Paul and Alejandra Foster Pavilion—the future $213 million basketball arena—this project promises to enhance the attractiveness of downtown Waco.
Further sweetening the deal is the fact that this garage isn’t just about parking; it’s also about convenience. This multi-level structure will not only host 450 parking spaces over its six upper decks, but will offer over 20,000 square feet of ground-floor retail space, projected to cost around $7.5 million. Austin Commercial has been assigned to oversee the construction, reinforcing the commitment to exceptional design quality and functional aesthetics.
News of this development underlines downtown Waco’s potential as a booming residential hub with prompt and efficient access to premier amenities just a few steps away. Original link to the article: https://www.recenter.tamu.edu/news/newstalk-texas/?Item=29534