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WACO, Texas (KWTX) The developer of a 143-acres mixed-use project in Waco broke ground Thursday on the first phase of the project.
The Waco City Council voted earlier this month to approve $5.3 million in sales and property tax incentives for the development of a $15 million entertainment complex, which could include a coveted Togolf franchise.
One of the first projects to open its doors will be a 14-screen Cinemark Waco and XD theater.
"We are excited to have broken ground with the City of Waco on this community development, which will offer a star-studded cast of family entertainment anchors representative of NewQuest's premium retail centers," said Steve Alvis, a managing partner said.
"There is a great momentum with road construction underway on the new public connection between New Road and Interstate 35, which is scheduled for completion by year-end."
In its press release, NewQuest said it has also reached terms with a "national retailer in golf entertainment," but declined to name it.
A Topgolf spokeswoman confirmed Thursday the company is "currently exploring potential expansion in the Waco area for a local Topgolf experience," but had no further comment.
"I'm looking forward to this development and our partnership with this developer," John Kinnaird, Dist. 3 councilman said after the vote in early July.
"The way it's structured, I think, protects the city and also paves way forward for us for future developments."
The mixed-use development has a total taxable value of $123 million, according to city documents that show with phase one and phase two of the project, which doesn't include Top Golf, the city will receive an estimated $3.3 million in the first 10 years, then an estimated $1.9 million per year after that.
Harrison said the incentive contract for the developer to recoup $5.3 million in infrastructure costs is performance-based.
"There's no money off the top from the city, it is not an upfront grant, it is a rebate structure," said Harrison. "The developer must produce that revenue before we can rebate any of it."'
Future plans for the site include multifamily, office and hospitality ventures.
WACO, Texas (KWTX) The developer of a 143-acres mixed-use project in Waco broke ground Thursday on the first phase of the project.
The Waco City Council voted earlier this month to approve $5.3 million in sales and property tax incentives for the development of a $15 million entertainment complex, which could include a coveted Togolf franchise.
One of the first projects to open its doors will be a 14-screen Cinemark Waco and XD theater.
"We are excited to have broken ground with the City of Waco on this community development, which will offer a star-studded cast of family entertainment anchors representative of NewQuest's premium retail centers," said Steve Alvis, a managing partner said.
"There is a great momentum with road construction underway on the new public connection between New Road and Interstate 35, which is scheduled for completion by year-end."
In its press release, NewQuest said it has also reached terms with a "national retailer in golf entertainment," but declined to name it.
A Topgolf spokeswoman confirmed Thursday the company is "currently exploring potential expansion in the Waco area for a local Topgolf experience," but had no further comment.
"I'm looking forward to this development and our partnership with this developer," John Kinnaird, Dist. 3 councilman said after the vote in early July.
"The way it's structured, I think, protects the city and also paves way forward for us for future developments."
The mixed-use development has a total taxable value of $123 million, according to city documents that show with phase one and phase two of the project, which doesn't include Top Golf, the city will receive an estimated $3.3 million in the first 10 years, then an estimated $1.9 million per year after that.
Harrison said the incentive contract for the developer to recoup $5.3 million in infrastructure costs is performance-based.
"There's no money off the top from the city, it is not an upfront grant, it is a rebate structure," said Harrison. "The developer must produce that revenue before we can rebate any of it."'
Future plans for the site include multifamily, office and hospitality ventures.