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Texas

Nexsus Development seeks $1.2M TIF for Waco resi

The Wylie-based developer is planning an $8.2M mixed-use development

A rendering of the proposed apartment building at the corner of Elm Avenue and Douglas C. Brown Street with Nexsus Development's Caitland Rodgers (City of Waco, Nexsus Development)
A rendering of the proposed apartment building at the corner of Elm Avenue and Douglas C. Brown Street with Nexsus Development's Caitland Rodgers (City of Waco, Nexsus Development)

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.

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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

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Waco