[url=http://www.wacotrib.com/news/business/downtown-office-project-holds-promise-raises-questions-of-demand/article_3371fde6-34fe-515c-a59f-975f2feb970f.html][/url]
http://www.wacotrib.com/news/business/downtown-office-project-holds-promise-raises-questions-of-demand/article_3371fde6-34fe-515c-a59f-975f2feb970f.htmlHere is a bit of an update on the Heritage Square Proposal.
Details of the Heritage Square Development Plan. I don't know if it's feasible but it's interesting nonetheless. The biggest building downtown is Clifton Robinson Tower at 144,800 sq. ft. The proposed 8 story building would be 196,000 sq. ft. The proposed 15 story building would dwarf them all and be 330,000 sq. ft. This project alone would equal about 13% of the total office space that is currently downtown. This project would allow for larger tenants than Waco has had before. It could also entice students who graduate from Baylor, TSTC and MCC to find higher paying jobs in the Waco market. They could also have lower class A office space prices than Austin and Dallas. Civic Center officials say they expect to charge rents somewhere between the high end of Waco offices today and the going rate in Dallas and Austin. Class A space in Waco is $20.76. The average rental rate of Austin and Dallas are $36.45 and $30.00. Just the fact that this is being seriously considered along with other projects shows how far downtown Waco has come along.
I don't think this next part was discussed in the article but there is even more future development in the works according to what I saw in the City Council Presentation. These future projects includes 5 buildings that each have a square footage of: 96,000, 72,000, 96,000, 97,000 98,000. Also not included is 25,000 sq. ft. of parking garage space and expansion of the Convention center but I couldn't find much info on it.
All of these new projects together would equal 1,016,000 sq. ft. of new facitilities. I'm not 100% sure if all of the buildings would be for office space or not. I doubt it all gets done but it's fun to think about.
Here is a link to the City council Presentation.
[url=https://www.scribd.com/document/358201432/City-Council-Presentation-Civic-Center#fullscreen&from_embed][/url]
https://www.scribd.com/document/358201432/City-Council-Presentation-Civic-Center#fullscreen&from_embed