Waco Seeks Developer to Lead $2B Downtown Transformation

Waco has a $2 billion vision to revamp 60 acres in the city’s core, but it needs a master developer to lead the way.

The Waco City Council recently approved two contracts to help propel the transformative project, which could include a minor league baseball stadium, a convention center, a hotel and other real estate developments near City Hall, the Waco Tribune-Herald reported.

Waco’s strategic initiatives director Tom Balk called it a once-in-a-lifetime opportunity to shape the future of Waco.

The project initially began as a smaller initiative centered around City Hall but has since expanded. Architecture firm Gensler was contracted in April 2022 to create a master plan for a 10-acre mixed-use development, which later grew to encompass 60 publicly owned acres surrounding City Hall.

Gensler envisions a vibrant downtown with constant activities, diverse businesses, public amenities and an inviting atmosphere for residents and visitors. The firm proposed engaging Brazos River frontage to make it the “front porch” to City Hall, as well as moving the Waco Convention Center and adjoining Hilton Hotel to what is now a parking lot on Franklin Avenue.

A proposed minor league baseball stadium could serve as a multi-use facility for events beyond sports.

The city has issued a request for qualifications for a master developer who can provide a unified vision and direction for the entire project. This developer will oversee the creation of the baseball stadium, convention center, hotel, performing arts facility and residential development, the outlet reported.

The RFQ is expected to attract developers from across the nation, and the city aims to find a developer whose values align with its vision. Applicants have eight weeks to prepare their proposals, with evaluations and interviews to follow in late December and early January. The city council will receive a presentation to discuss the finalists on Jan. 9.

City council has also approved agreements for a market analysis by Hunden Partners and land surveys by Walker Partners. These agreements will provide insights into the project’s key components and land details as the revitalization plan takes shape. The city hopes to start the development in 2025.

—Quinn Donoghue