On the grounds of what will soon be Barron's Branch - a mixed-use development in downtown - City of Waco leaders and community members gathered to commemorate the start of a years-long $213 million dollar project.
The new 30-acre development will add a new park space, re-expose the Barron's Branch creek for which the district is named, create a pedestrian friendly neighborhood and create multi-use buildings that would feature shopping, office and residential spaces, and restaurant space.
"This is the first step in a much larger vision, a vibrant, connected downtown that celebrates Waco’s Unique identitiy, embraces the Brazos River as its heart and creates a place where people from across our community can come together," said Tom Balk, Director of Strategic Initiatives for the city.
Balk said at the ceremony the project will also address drainage and floodplain challenges that previously made the land difficult to develop.
Waco Mayor Jim Holmes says the council and city leadership have spent nearly a decade trying to answer one question: "What do we want the heart of Waco to look and feel like for the next generation?"
Barron’s Branch, which will span from Jefferson to Washington Avenues, was part of that answer.
It’s the first phase of a larger downtown development plan which could include a ballpark district, new convention center and performing arts center.
"It’s not one project, it’s not one park, it’s not one building. It’s a long-term investment for the future of our city," Holmes said.
The $213 million dollar first phase will be funded by a new Direct Note model, which allows the city to borrow money as construction costs occur instead of one lump sum at the beginning of the project.
Because of the lower interest accrual and the possibility to align borrowing with private investment, the city says the model should lower the overall cost of the project.
