Posted May 3, 2018, 5:54 PM
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FYHA
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Join Date: Oct 2007
Location: Houston - Wichita, KS
Posts: 3,141
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Drury Plaza out from Brazos Commons...
http://www.wacotrib.com/news/busines...c0da1d925.html
Quote:
$130 million Brazos Commons project put on ice after hotel pulls out
By J.B. SMITH jbsmith@wacotrib.com Feb 10, 2018
The Brazos Commons project on the riverfront near Interstate 35 has taken a step back after developers called off talks with a hotelier and withdrew their request for some $15 million in local incentives.
But project officials expect to apply for incentives again later this year with a new hotel developer in place.
Brazos Commons partners Joe Beard and Rick Sheldon had planned a $130 million project with retail space and 400 residences, anchored by an 11-story Drury Plaza full-service hotel. Drury had planned a 160-room hotel with a conference center, restaurant and garage parking.
But Drury balked at the terms of the public incentives that were key to the project, Brazos Commons spokesman Mike Anderson said.
In September, the downtown Tax Increment Financing Zone board recommended $7.9 million for public improvements supporting the Brazos Commons. The Waco-McLennan County Economic Development Corp. later recommended a $3.5 million business grant, which would be matched with an equal city grant for a total of $7 million.
The city-county grant would require the hotel to pay minimum wage of $12 an hour, which was a term Anderson said Drury would not commit to.
“Unfortunately, Drury couldn’t meet minimum requirements for the EDC funds,” Anderson said. “The $3.5 million was important to them, and we weren’t going to let them find a way to save $3.5 million.”
Drury South real estate director Brian Nenninger did not return calls seeking comment Friday.
Anderson said a signature full-service hotel is crucial for the Brazos Commons project, and the partners are actively recruiting other potential hotel developers that can deliver one.
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While others may take Drury's place...
http://www.kwtx.com/content/news/Wac...473990053.html
Quote:
Waco: More hotels interested, Brazos Commons developers say
Posted: Tue 7:20 PM, Feb 13, 2018 | Updated: Wed 1:11 PM, Feb 14, 2018
WACO, Texas (KWTX) The developers of the proposed Brazos Commons project in downtown Waco say four new full service hotels have expressed interest in being part of the project that the Drury Plaza Hotel recently pulled out of.
"We have numerous people who have called on the property in the last 10 to 15 days that we are talking with and interviewing to see which one will fit best for the overall project," said Mike Anderson, spokesman for Brazos Common Development.
Waco Mayor Kyle Deaver said the expression of interest from other hotel chains is encouraging.
"That's wonderful news I had not heard that,” he said Tuesday.
“I have not had a chance to talk with them since the Drury thing went away. Drury was a great project, but if they're telling you that that sounds great to me."
Deaver remains convinced that Waco natives Joe Beard and Rick Sheldon will get the project done despite setbacks,
"I have confidence that these developers are going to do a great job with the development it will be first class it will be deserving of a first-class hotel."
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