Gast says city leaders are in talks with prospective development partners for the entertainment, hospitality and retail components. "The city has a number of options on its plate," she says. "The city should be able to move onto the next phase later this summer. There's been a lot of interest [from developers.]"

Gast says the city, acting as developer, is keeping all options open as it weighs the build-out plan. The tract's northern piece is ticketed to be bisected by a light-rail line. If the plan stays intact, the station will be built across the street from the convention center, on land owned by Houston-based Hines and Dallas-based Trammell Crow Co.

The UK-based RMJM Hillier's Princeton, NJ team has designed the convention center to meet base level LEED certification, according to Gast. Austin Commercial will be the general contractor. Dallas-based Beck Group is overseeing construction and design for the city. Philadelphia-based SMG is holding a five-year agreement to manage and operate the facility, including the kitchen and catering service. SMG's 47-employee staff will office in convention center space as will Gast's 26 team members as part of the new strategy. The team is targeting meetings, conventions and civic functions for 800 to 1,200 people although the facility's capacity could accommodate 4,000 attendees.

The city's till has been banking a 2% hotel tax since 2000 to fund the convention center project. Another 2% tax was approved last November to finance the concert venue. Gast says the city's paid $3 million to $4 million in cash for the upfront costs, but the plan to sell bonds in late summer or early fall to finance the balance of the development.

"By waiting, we've ended up with a much better product," Gast stresses. "It's right-sized. It's rightly thought out. And, we're being very true to what our product is and who we are."