WACO, Texas (KWTX) The developer of a 143-acres mixed-use project in Waco broke ground Thursday on the first phase of the project.
A rendering 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.