cowboycwr said:
Leonidas said:
cowboycwr said:
Honestly I have never eaten at one. I always figured it was just like an ihop or dennys or shoneys (any one remember the one in Ivy Square?).
Curious where it will be. My bet would be 35/6 area like by the theater, marketplace, or legends crossing. Possibly valley mills or Franklin or the mall area but those don't seem good for restaurants much anymore.
But where is the Costco? Where are the posters like bankerbear that assured us they were "in the know" and it was happening and things were just being finalized before an announcement
You asked about Costco....here may be your answer:
Could Costco come calling for Waco at I-35 and Highway 6?
" development deal that Waco may orchestrate could bring at least two big-box retailers to the east side of Interstate 35, including a "warehouse retail brand" mentioned in city council documents."
It is behind a paywall so can't read the article. But if this is about the land at 35 and 6 it has been rumored about for a long time and for at least the last 6 years or so there is always "a deal being worked on" to build there.
And that is the spot that Costco was being rumored about several years back.
So until the deal is final and announced it is just another rumor. Especially if the crappy Waco trib is writing about it since all they do is post rumors but rarely seem to have a good pulse of the city these days.
Here are the relevant details from the article. I will let you judge for yourself whether this is just a rumor or rank speculation at this point, or something more substantive. At least to me, it seems reasonably certain that the tract will be developed for a "warehouse retail brand, there is some informed speculation that Costco is the store, and the rank speculation is that Trader Joes would be the second store. Regardless, time will tell:
A development deal that Waco may orchestrate could bring at least two big-box retailers to the east side of Interstate 35, including a "warehouse retail brand" mentioned in city council documents.
Whether that description applies to Costco remains to be seen. But the volume-centric retailer whose customers pay membership fees often appears on locals' wish lists, often joined there by Trader Joe's.
The targeted site sprawls across 252 acres on northbound Interstate 35 between New Road and State Highway 6/Loop 340, and "represents one of the last large-scale developable tracts within the City of Waco along the Interstate 35 corridor," says a city staff document prepared for the city council ahead of Tuesday's meeting, where the panel may approve the beginnings of an agreement with the landowner.
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Commercial real estate specialist Bland Cromwell has marketed the site many years. "In my opinion, that tract will look different in two years," Cromwell said Friday. Without naming names, saying he has signed nondisclosure agreements, Cromwell said he has touched base "with three or four retailers Waco has been clamoring for." He said he found it interesting the council packet included references to a "warehouse store."
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A separate group, Partners Capital, has embarked on a venture to develop 152 acres along Gateway Boulevard between Bagby Avenue and the Interstate 35 southbound frontage road, a project that would involve linking Gateway Boulevard to I-35 and the city installing utility infrastructure. Partners Capital recently signed a deal with CarMax to take 4.7 acres.
Dan Moody, with Partners Capital, said a colleague informed him of Costco's interest in the 252-acre site on the northbound side, "and it makes sense for them."
"They looked at our site, I was told, and passed," Moody said Friday. "I don't know if it was timing of our infrastructure or just the general location but we gained no traction. We were told they were waiting for their site in College Station to start producing better before they looked for more sites in 'tertiary' markets.
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Development details
The measure coming before the Waco City Council calls for the city to design and build a roadway and make infrastructure improvements from New Road to Cottonwood Creek at a cost of up to $12.4 million. That work is contingent upon Waco reaching an development agreement with a "new to market Tier 1 nationally recognized retailer brand," along with a $55 million minimum investment.
The agreement says Waco will buy about 28 acres, paying no more than $3.5 million, with the city saying it "intends to bring a separate development agreement" for a warehouse user to the council for consideration at a later date, the staff document says.
A second phase calls for Waco to design and construct a road and make public infrastructure improvements south of Cottonwood Creek to the Highway 6 frontage road, spending up to $17 million on the work.
For that, the city is seeking a $50 million commitment "including a new to market or expansion of a local brand presence, Tier 1 nationally recognized big box retailer approved by the city."
The city will require creating a Planned Unit Development zone to help oversee the project, ensuring the development meets "long-term development standards and land use controls," according to the document.
To pay for the road and infrastructure, the city will use Tax Increment Financing Zone No. 4 funds to to make debt payments on certificates of obligation it issues.
To support long-term viability of the project, the developer will be able to receive a sales tax reimbursement based on total sales within the entire development. According to the council document, "The reimbursement will commence thirty-six (36 months) after the Phase 1 warehouse store begins operations and will continue through December 31, 2043, with a maximum reimbursement value capped at $18 million.
"Should the required agreement for the big box retail user fail to be executed within the prescribed timeframe, the sales tax reimbursement grant will terminate automatically with no further obligation from the City."