Greater downtown Waco is experiencing a renaissance of growth offering an exciting front door to visitors and residents. This district comprises between 5 and 7 square miles of land right along Interstate 35 in Central Texas. The Brazos River flows through the downtown area, linking Baylor University, Interstate 35, Cameron Park and Cameron Park Zoo. The Downtown Business District encompasses approximately 350 acres, featuring an emerging Central Business District and an array of redevelopment opportunities. Currently, there are approximately 18,000 residents in greater Downtown Waco and 16,000 jobs all within 1.25 miles of the heart of Downtown.
There is resurgence in office development in the downtown Waco market. In 2008, an unprecedented 100,000 square feet of Class A office space was added to downtown. A vast majority of the space has been leased. More projects are under development for owner-occupied refurbishment, new construction and speculative lease space.
In addition to these office developments, there are several new projects gaining momentum in downtown Waco totaling more than $200 million in new public and private investment. Phase I of Waco Town Square, which is nearing completion, will add 17 acres of mixed-use residential and retail space. This includes the 46-unit Austin Avenue Flats and Heritage Quarters, a 370-bed upscale student housing project. A large-scale transformative riverfront project is in the planning stages by a local developer that includes a new I-35 signature bridge. Envisioned as an entertainment destination, this project will have a substantial impact on the downtown redevelopment initiative and will create a synergy that will attract other businesses and industries. The Hilton Hotel has completed a $17 million dollar makeover and the adjacent Courtyard by Marriott received a $3 million upgrade. There are four additional hotels currently in various stages of planning in downtown Waco.
Additionally, the citizens of Waco approved a $63 million dollar bond issue in 2007, much of which will be used to achieve significant upgrades to downtown public facilities. Included in this is a $17 million dollar renovation to the Waco Convention Center, which sees almost half a million visitors a year. Other notable bond projects include $9 million in riverfront park upgrades and major renovations to the central library. In addition, a new constant level dam to help encourage riverfront development throughout downtown has been completed.
The Greater Waco Chamber of Commerce recently announced its goal of realizing a “Billion Dollar Decade” through 2018. By bringing together key investors and working under a common vision, the Chamber predicts $1 billion of public and private investment in downtown Waco and along the Brazos River Corridor. More than $140 million of new private investment has been announced in downtown Waco so far. Coupling that with a large public commitment totaling more than $200 million of new public improvements in the same area begins to paint a picture of a very bright future for downtown Waco.
There is a new energy in downtown Waco. The sound of construction equipment is giving way to the everyday sounds of employees and residents. Exciting things are happening in downtown Waco.
— Scott J. Connell is senior vice president, strategic development, for the Greater Waco Chamber.