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Work on downtown Waco development Franklin Place begins this week

By MIKE COPELAND

Sunday October 14, 2012

Work will begin this week on a $16.8 million project downtown called Franklin Place, with backers of the project saying Friday they have overcome financing obstacles.

The $9.1 million first phase of the mixed-use development will include 63 living units and 9,800 square feet of retail space on a site bounded by Franklin and Mary avenues and South Sixth and Seventh streets.

Developer Jerry Dyer Jr. said the four-story, 56,150-square-foot building for housing will have a pool and fitness center.

He hopes to attract a restaurant to the corner of Sixth Street and Franklin Avenue. He also would like to see a small grocery store that sells such essential items as like milk, bread and toiletry items.

Dyer said he is relieved the long and sometimes frustrating process of starting work on Franklin Place has come to a close.

He said his development group faced a $400,000 shortfall because the city of Waco wanted it to install all sidewalks and lighting related to Franklin Place up front to qualify for Tax Increment Financing money.

Dyer is developing the site in two phases and wanted to make public improvements over time.

On Oct. 2, Waco City Council agreed to compromise. It voted to give the development group $1.38 million for the first phase — slightly less than the council had approved on a preliminary vote, but with the concession that Dyer will not have to build sidewalks on the second phase of the project until that phase is completed.

“That saved us $150,000 and we put some extra cash behind the deal,” Dyer said.

He now hopes to have the initial stage of Franklin Place completed by August 2013.

http://www.wacotrib.com/news/174064021.html