New Downtown Waco Development

[WTx]

Check out the story here...

Downtown Waco Development (http://smallcitytexas.19.forumer.com/viewtopic.php?t=62)

[hamiltonpl]

Cool. That area is in dire need of revitalization. I can't remember what is currently at the corners of Washington Avenue, South Third Street, South Fourth Street and Franklin Avenue. Anybody else know? X Factor perhaps?



17-ACRE LIFESTYLE CENTER BEING DEVELOPED TO BRING LIFE TO THE HEART OF DOWNTOWN WACO
Waco Town Square to include high-end retailers, affordable Class A office space and residential living

(HOUSTON, TX) April 25, 2007 – SWB Heritage Square Partners, L.P. (SWB) recently announced plans to help revitalize downtown Waco, Texas, with the construction of a new 17-acre mixed-use development. Located in the heart of downtown, Waco Town Square will consist of upscale retailers and restaurants, professional office space and residential living, including a student housing development for students at Baylor University, McLennan Community College and Texas State Technical College.

"We are excited to bring such a unique development to Waco," said David Wallace, SWB partner. "We envision Waco Town Square as a community gathering spot – a place for area residents to work, live, shop and play."

The Waco Town Square development is part of a larger effort by the City of Waco and other economic development groups who are working to redevelop the downtown area. The Waco Chamber of Commerce recently broke ground on a new building, which will be located in the Town Square development.

"Not only will Waco Town Square build a sense of community, it will also have a positive impact on the vitality and economy of the downtown area," added Wallace.

The main-street styled town center is designed to provide unique shopping, fine dining, entertainment and community activities for the residents of Waco. Additionally, offices will sit above retail spaces and restaurants offering an ideal work environment where tenants are within walking distance to area restaurants and shops.

Scheduled to break ground this fall, the phased development will ultimately consist of 61,880 square feet of retail and restaurants, 68,680 square feet of class A office space and approximately 35,000 square feet of loft-style residential space.

In addition, approximately five acres of Waco Town Square will be developed as a 450-bed, student housing facility that will accommodate students attending Baylor University and other local colleges.

"The development’s close proximity to the universities will offer a great alternative for students who want to live close to campus while enjoying all the benefits of the town center atmosphere," said Kevin Matocha, SWB partner. "Our studies and discussion with university administration show that there is demand for this type of housing."

Waco Town Square will be located between South Third and South Fourth Streets in Waco’s traditional downtown area. Heritage Square will be incorporated into the development providing an area for community events and celebrations.

"We anticipate this will become a regional landmark in the next few years," added Costa Bajjali, SWB partner.

IIn addition, SWB recently purchased River Square Center, a more than 90,000 square-foot, mixed-use center that currently consists of a variety of restaurants, retail and Class A office space. The center is located at Second Street and Franklin Street on the east boundary of the future site of Waco Town Square and has been incorporated as part of the overall development.

[frankchitown]

Cool. That area is in dire need of revitalization. I can't remember what is currently at the corners of Washington Avenue, South Third Street, South Fourth Street and Franklin Avenue. Anybody else know? X Factor perhaps?

I think its just surface parking or grassy lots inbetween the Alico Building and the Hilton Waco.

[X Factor]

It is a surface parking lot, with the Tornado Memorial. This project will help complete Downtown Waco. AS it is now you drive or walk through DT Waco and its a fairly dense place until you get to that end by the river then bam wide open. It is right across the street from the River Square Shopping Center, an old redo of a warehouse, it has many shops and restaurants.

[hamiltonpl]

River Square Center is like Waco's West End. Except River Square Center actually has a lot of people in it!

I miss the Ninfaritas and Crickets' 150 taps of beer. Ahh, college.

:inclouds:

[4th Generation]

River Square Center is like Waco's West End. Except River Square Center actually has a lot of people in it!

I miss the Ninfaritas and Crickets' 150 taps of beer. Ahh, college.

:inclouds:

Riversquare Center, Buzzard Billy's, Hilton, Suspension Bridge/Brazos River, Austin Avenue...It definitely has the makings for what could be a cool little downtown area.

If any of you have had the chance to ever be in that area during Independence Day, it is one of the best spots to take in fireworks in all of Texas, IMO, and has a huge turnout.

Between the activity that is due to take place downtown and the large new shopping center at Hwy 6 and I-35, there is a lot of progress going on down there.

[freewaytincan]

i went once sometime around midnight. after getting yelled at via loudspeaker in the alico garage, we ventured onto the streets. i think we saw one person, maybe two. pretty sure they were homeless. i've seen graveyards more alive.

[hamiltonpl]

Of course there are graveyards more alive. The same could be said for Dallas' downtown. You should have been down on the other end of downtown near River Square Center. Don't expect New York City foot traffic. Expect a little college town. That's what you'll get.

[4th Generation]

i went once sometime around midnight. after getting yelled at via loudspeaker in the alico garage, we ventured onto the streets. i think we saw one person, maybe two. pretty sure they were homeless. i've seen graveyards more alive.

I'm sure the Alico GARAGE was a graveyard after midnight. It's an office building. Riversquare Ctr is where everything currently happens, which is a short walk from there. Austin Avenue has a couple spots as well.

[X Factor]

Growing interest in loft apartments has developers upbeat about downtown

Friday, June 29, 2007

By Mike Copeland

Tribune-Herald business editor

With hotels, restaurants and offices taking shape there, downtown Waco is becoming a vibrant place that people want to call home.
Sugar Land mayor and developer Dave Wallace visited Waco on Thursday.

Literally.

That’s what backers of a $60 million downtown project called Waco Town Square are saying. Interest in their proposed loft apartments is exceeding expectations, prompting them to rethink their original plans and consider building more lofts in their first phase.

“It’s exciting that a lot of people really want to make the downtown area their home from a residential living perspective,” said Dave Wallace, Sugar Land mayor and general partner for developer SWB Heritage Square.

Wallace visited Waco on Thursday to update local leaders on Waco Town Square, a venture that will include restaurants, retail, student housing, lofts and office space. His talk was sponsored by Insurors of Texas, Festive Occasions of Robinson and the Tribune-Herald.

Speaking with the Tribune-Herald before his presentation to about 100 people in the Insurors of Texas building, Wallace said interest in the proposed loft apartments amazed him, even though he wasn’t unaccustomed to such trends.

A similar town square development in Sugar Land features 164 residential units, and people who want to “live, work and recreate in the same general area” have eagerly snapped up the available space, Wallace said, adding, “That’s the lifestyle we’re looking to replicate in Waco.”

Sugar Land’s town square now hosts concerts, movies shown on inflatable screens, weddings and other activities that attract thousands, he said.

SWB Heritage Square now envisions 32 to 35 loft apartments spread over two phases. But real estate agent Bland Cromwell, who is marketing the development, said the lofts “have gained such good traction” in terms of interest that more may be included in the first phase.

Cromwell believes Baylor University professors and parents, as well as business professionals, will find the lofts attractive.

SWB will try to sell the lofts instead of leasing them, and he estimated they will average 1,500 square feet in size.

Prices for the lofts “are still being formulated,” Cromwell said.

Wallace said the day may come when the group wants to build more than 35 loft apartments.

“But for a town square to be successful, you need to have diversity of uses, including retail, office and residential,” he said. “You want enough housetops to support retail, but you don’t want so many that residents have to go off-site to find what they’re looking for.”

Wallace said he has met with a Houston company called Zieben Kirksey Homes that builds upscale houses. He hopes to interest Lee Zieben and John Kirksey Jr. in partnering with his group on the lofts.

“It is my intention to focus on bringing in the highest-quality developers with the highest-quality vision,” Wallace said.

Kirksey Jr. is the son of John Kirksey, president of a Houston architectural firm, while Zieben is the son of Herbert Zieben, one of the leading home builders in Houston during the 1970s.

Wallace said he could see the lofts taking shape as “very attractive, urban-style brownstones, with walk-ups from the sidewalk to the second floor. You would have a floor beneath you and a floor above you.”

Waco City Manager Larry Groth said he’s not surprised by the buzz sparked by the proposed lofts. More people are wanting to live near their work, “and there is the appeal of being where a lot of activities are going on,” he said. “As we continue to develop more things to do, people will look even more favorably at living downtown.”

Groth himself lives in a downtown loft. He owns property in an unincorporated area of McLennan County, but when he became city manager in 2003, he was required to move into the city limits.

“I figured if I was going to move in, I wanted to move downtown,” he said.

Wallace notes that $100 million in projects are taking shape downtown, counting his $60 million venture, the $17 million remodel of the Waco Hilton, construction of the new $4 million Greater Waco Chamber of Commerce headquarters, the pending $17 million expansion of the Waco Convention Center and the just-completed $2 million redo of Courtyard by Marriott.

That’s not to mention this week’s news that an investment group has bought two buildings and is negotiating to buy a third at the northeast corner of Franklin Avenue and University-Parks Drive. Sources say the buildings, including the home of Buzzard Billy’s, will be leveled to make room for a hotel.

Buzzard Billy’s has announced it intends to find a new home downtown.

Wallace said he’s also encouraged by studies showing “strong demand” for the student housing SWB proposes to build next to Courtyard by Marriott on Washington Avenue. Plans initially called for a 300-bed facility, he said, but interest will dictate 400 to 450 beds.

Work on the student housing should be nearing completion in early 2009, Wallace said, so the company can begin leasing out units for the fall semester that year.

“From a competitive standpoint, we want to make sure we have a finished product early in 2009, something people can see so that other property owners can’t be spreading rumors that we won’t be ready,” Wallace said.