Showing posts with label downtown waco development. Show all posts
Showing posts with label downtown waco development. Show all posts

Wednesday, November 16, 2016

Waco Riverfront Development Approved For $20 Million In Incentive Funds


Brazos Promenade

The Waco City Council has approved $20.2 million in tax increment funds Tuesday for the Brazos Promenade.  The project is the first phase of a master planned development by Catalyst Urban Development.  The contribution supports a $100 million mixed-use project on the city’s riverfront property. The development is proposed to include a full-service hotel, restaurants, shopping and housing.

riverfront ho2

The award will be comprised of $8 million for site cleanup and $12.2 million for infrastructure and public spaces.

riverfront ho3

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

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Sunday, April 20, 2008

Waco's Downtown Projects Coming to Fruition

Just west of Heritage Square, construction has begun on the million-dollar concrete slab for the Austin Avenue Flats. It's an apt symbol for downtown's redevelopment, which has been years in the making but is only now beginning to bloom. Tens of millions of dollars in new businesses, construction projects and building renovations are already underway. This year alone, downtown will see the completion of a new headquarters for the Greater Waco Chamber of Commerce and the first 47 luxury condos in the $75 million mixed-use development around Heritage Square. Work will begin next month on a 368-bed upscale student housing complex as part of the same project. The $17 million renovation of the Waco Hilton will wrap up next month, and the $17.5 million reinvention of the Waco Convention Center will begin this fall. And the ripple effect is spreading several blocks up Austin Avenue, where an art gallery, a new restaurant, loft apartments, offices and a major bar/music venue are in various stages of development. The City of Waco and two downtown special tax districts have invested millions of dollars in infrastructure projects around town over the past two decades. Private investors have done multimillion-dollar projects such as RiverSquare Center, Behrens Lofts and the Insurors of Texas building. David Wallace's group also is developing the student housing component across Washington Avenue from the mixed-use project, next door to the Courtyard by Marriott. Wallace pulled permits on the $22.3 million student housing project this week and plans to begin work in the next 30 days. The complex is set to open in fall 2009. The five-story student housing complex will have several rows of parking in front, as well as parking under the building.

Thursday, January 31, 2008

Waco residents get first look at Interstate 35 Brazos River Bridge

Proposal to build new I-35 bridge becomes entangled in toll road debate

Wednesday, January 23, 2008By David DoerrTribune-Herald staff writer

Real-estate developer Rick Sheldon wowed Waco residents in November when he unveiled drawings of an iconic version of the Interstate 35 Brazos River bridge designed to look like the city’s landmark Suspension Bridge.

The new I-35 bridge would serve as a gateway for visitors passing through town and a point of pride for area residents. But after consulting Texas Department of Transportation officials on financing such a project in these lean times for highway expansion, it turns out there is only one way to do it: tolls.

The tolls, which proved to be a point of contention at Tuesday’s Waco City Council meeting, would be used to expand the highway from six to eight lanes between South Loop 340 and Elm Mott. The tolls would be charged only on the added two lanes.

Waco Metropolitan Planning Organization staff proposed the toll lanes in December to address area transportation needs while dealing with significant cuts in state and federal funding. Now it appears the toll lanes will be the linchpin in Sheldon’s effort to update the look of the I-35 bridge over the Brazos.

“There is still a chance that we could do it without the tolls, but it is going to take forever, and I don’t know if I will be real interested in working on it then,” he said. “I’m not going to do it in 10 years.” Sheldon, a San Antonio native now living in Waco, has proposed developments totaling nearly $1 billion along Lake Brazos, including restaurants, housing, a new near-campus football stadium for Baylor University and a 250- to 300-room hotel. He doesn’t control all of the projects, but he is working to form a partnership to make them happen. His bridge proposal garnered praise such as “breathtaking” from various civic leaders when it was unveiled. The toll lane proposal initially was met mostly with criticism and derision when it was announced.
But now the two projects are linked together and that could change people’s ideas about both. There won’t be a lot of time to debate their merits if the MPO’s policy board votes Tuesday to remove the toll provision from planning documents it must submit to the federal government in February. So Sheldon is calling to extend the debate by keeping the toll proposal in the MPO’s plans. The decision whether to go ahead with the projects would be made at a later time.
“I think (the bridge proposal) starts the debate, and that is all I am asking for,” Sheldon said. “Let’s not have the debate for a week, let’s have it for a year. You can always vote to change it (later). All we’re saying is, let’s please don’t preclude this as an option because it really hurts our chances of getting this thing built.”

The rebuilt bridge would not actually be a suspension bridge, but would have beams and cables to suggest the same look, Sheldon said. The aesthetic enhancements would probably cost between $5 million and $10 million, he said. Richard Skopik, the transportation department’s Waco region engineer, said the only way to finance reconstructing the bridge in the current transportation funding climate would be to add toll lanes. He said the transportation department isn’t planning to replace the nearly 50-year-old bridge unless the toll lane expansion project is approved. “To add an aesthetic structure, as has been suggested, you could modify the existing bridge, but I think the intent and the vision was to have a brand new bridge that could encompass these concepts,” Skopik said. However, he emphasized that bridge enhancements would not automatically come with the construction of toll lanes. Funding from other public or private sources would be needed to pay for the features that would make it look like a suspension bridge, he said. Sheldon suggested that a private company could be found to operate the toll lanes and pay to make the enhancements. However, the Texas Legislature passed a moratorium on such public-private toll projects last year. Skopik said the proposal is designed for the transportation department to manage tolling operations.

MPO director Chris Evilia has had to cut 13 out of 23 highway projects in McLennan County since transportation officials announced in late September there would be no money to add capacity to the state’s road system after this year. State transportation officials have blamed the funding crisis on rising construction costs, federal cutbacks and state diversions of declining gas tax revenues. Even with the deep cuts in the number of local transportation projects, Evilia still is about $11 million short to fund the remaining 10 projects on his list. The projects are designed to expand highway capacity to meet the state’s growing population. MPO staff estimates tolls would provide up to 40 percent of the funding to expand the highway to eight lanes. Transportation officials indicate state coffers could pay the remaining 60 percent.
Tolls could also generate an additional $5.7 million to $10.9 million that could be used for other transportation projects in McLennan County, according to MPO planning documents.
Sheldon said the paradigm for funding roads in Texas is shifting whether people like it or not.
“For a lot of folks it is wishful thinking,” he said, referring to their aversion to toll projects. “They want things back to how it was in ‘Leave it to Beaver’ time. It ain’t that way anymore. Go look at the Legislature. They haven’t raised gasoline taxes since 1991. Every time it comes up, it’s a nonstarter.”

Frustration with the current transportation funding picture was evident during Tuesday’s Waco City Council meeting in which members were briefed on the issue and the toll road proposal.
Councilman Randy Riggs said it was “almost extortion” to have to choose between adding toll lanes to I-35 and losing funds for other projects in the Waco area. He blamed federal and state lawmakers for not taking action. “(Expanding I-35) is something that our citizens need and deserve and it should be a state or a federal issue as opposed to a local issue,” Riggs said. “This is just wrong in my mind to say we will help you with your transportation issues if you do what your citizens don’t want done.” Although most council members expressed frustration about being forced to consider the toll lanes, a majority appeared willing to recommend to the MPO’s policy board to keep the proposal in their planning documents. City Manager Larry Groth suggested that keeping the toll proposal in the MPO’s plans would allow the transportation department to move ahead with surveying and preparation to expand the highway even if local officials decide against the toll lanes at a later time.

“If we approve this with the tolls in it, we can keep I-35 in the plan,” he said. “That means that the state can continue working on the design, layout and all that other stuff so there is not a delay, and in my mind that means we stay on this track we need to be on.”
Before Tuesday’s City Council meeting, Joe Mashek, MPO policy board chairman and a McLennan County commissioner, said he opposes the toll lanes even though Sheldon’s bridge enhancement project is linked to it. “They are kind of holding a gun to our head saying ‘If you don’t do this, you aren’t going to get this,’ ” he said. “It’s a no-win situation because most people are against this toll road on I-35.”


Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

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www.frontporchhomes.blogspot.com

Thursday, November 1, 2007

Waco's Downtown River Corridor Gets $14 Million Senior Housing Project

WACO (Waco Tribune-Herald) – Houston developer Lankford Interests will break ground Thursday on a $14 million senior housing project on the banks of Lake Brazos.
River Park Apartment Homes, located along Martin Luther King Jr. Boulevard near the East Terrace Museum and Mill Street, will have 48 one-bedroom and 76 two-bedroom apartments. Monthly rents will range from $222 to $695.
Residents must be at least 55 years old. According to Lankford spokeswoman Lisa Ray, one person renting a unit can make no more than $21,180 a year, while a two-person household can make no more than $24,180.
The first units should become available by Dec. 1.
Local businessman F.M. Young donated the project's roughly 12 acres to the Providence Foundation, which received the $1.2 million Lankford paid for the property.
The complex is being financed by JP Morgan Chase in Dallas and Red Capital Market Inc. of Ohio. The city is lending Lankford $417,000 at no interest through a tax increment financing district created to promote downtown development.