[JoninATX]

Council gives TIF funds to downtown Waco lofts, considers annexation

Franklin Apts phase 1

By J.B. SMITH
January 20th. 2015

Waco City Council gave green lights Tuesday to a variety of housing developments, approving incentives for downtown lofts, rezoning a Cameron Park subdivision and giving preliminary approval to annex a large new residential tract.

The council approved giving Realtex Development Corp. $750,000 from the downtown Tax Increment Financing Zone fund to assist the development of 96 more residential units at Franklin Place, 600 Franklin Ave. The $11.6 million project also will include a parking garage at the bottom of the five-story building.

Realtex vice president John Boyd told the council that the 63 residential units already built at Franklin Place are full, and two “very exciting” tenants are under contract for the downstairs retail space.

“We think downtown living is important for the downtown district,” he said. “We see a lot of momentum happening.”

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