A developer is asking the City of Waco for $1.2 million in reimbursements to build a residential complex with a commercial component.
Wylie-based Nexsus Development plans to build the $8.2 million project with 50 apartments, about $164,000 per residential unit, at 509 Elm Avenue, the Waco Tribune-Herald reports.
The project would be dubbed Broadway Place on Elm and include a mix of market-rate, affordable and short-term rentals in a gentrifying neighborhood that’s just across the Brazos River from downtown Waco. A nonprofit, a salon and a coworking space have committed to leasing the commercial spaces, according to documents filed with the downtown zone’s TIF board.
The request is about three times the $350,000 the city has offered for the project, and the board will hear the developer’s case next week.
Nine of the units would be affordable, although it’s unclear exactly what that entails. Five would be available as short-term rentals, and the rest would range from $1,050 per month for a one-bedroom to $2,200 for a two-bedroom.
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Meanwhile, a few blocks away, KB Hotels is seeking an eight-month extension to its deadline to break ground on two hotels on Waco’s East Riverwalk. The local hotel developer has been approved for $3.2 million in TIF funding and up to $4.8 million in hotel occupancy tax breaks.
— Rachel Stone