WACO (January 14, 2014) Negotiations continue between the City of Waco and the developers of a proposed Brazos Riverfront project that could ultimately cost as much as $300 million.
The developers and city officials have been meeting behind closed doors over the past month to hammer out project details before taking a formal proposal to the Waco City Council, sources on both sides of the talks confirmed.
The process is taking longer than originally expected and further delays are possible because approval is needed from the U.S. Army Corps of Engineers to dredge out a portion of the river where a marina is planned as part of the development.
Corps of Engineers officials in Fort Worth said the approval process could take as long as six months.
Developers made their first formal presentation to city leaders in July.
Their proposal calls for riverfront condos, apartments, retail shops, hotels, restaurants and even a grocery store along river in downtown Waco
The development would be the culmination of a push dating back to the 1980s that led to the creation of Indian Spring Park, construction of the river walk, the relocation of Waco’s zoo to Cameron Park, and more recently extensive residential and commercial development in the downtown area.
The project would complement and serve as a commercial bridge to Baylor University’s $250 million on-campus football stadium, which is due to be finished in time for the start of the 2014 season.