Waco’s Riverfront District is Closer to Reality
The Riverfront Lofts, a 266-unit class-A multifamily project, will be the first phase of The Riverfront mixed-use waterfront district in downtown Waco, near its largest attraction, Magnolia Market at the Silos.
WACO, TX—Construction financing was recently obtained for The Riverfront Lofts, a 266-unit class-A multifamily project. As the first phase of The Riverfront mixed-use waterfront district in downtown, the property will be an urban residential project designed to combine with future restaurants, hotel, small office and public uses within the walkable urban district that is situated along the Brazos River.
The mixed-use development is the result of a collaborative multi-year effort leading to a public/private partnership with the city of Waco aimed at creating an urban riverfront experience. It will also include a new public park, farmers market venue, interactive streetscapes and destination venues. The district will be constructed on a 6.37-acre site along South University Parks Drive just west of Interstate 35 and within walking distance to the Baylor University campus and Waco’s largest attraction, Magnolia Market at the Silos.
JLL capital markets worked exclusively on behalf of the developer, Catalyst Urban Development, to secure the floating-rate construction loan that was provided by First United Bank.
“Catalyst is excited that the first chapter of The Riverfront project is underway and eager to build upon this momentum for the subsequent phases,” Rhys Heinsch, principal of Catalyst Development, tells GlobeSt.com.
The buildings are designed in a Texas loft style that will create a distinct identity for the community. This first residential phase will include amenities such as a clubroom with a fitness facility, coffee lounge, entertainment and gaming areas, community catering kitchen with dining area, and business center with work rooms. Homes will feature high ceilings, built-in shelving, walk-in closets and exterior balconies. Units will offer multiple options for a ground-floor home office. The property will also offer a host of parking options including structured parking, private garages, covered spaces and front-unit parking along the streets.
The JLL team representing the borrower was led by managing director Jeremy Sain.
Housing is both an enormous driver of the US economy and a strong cultural desire, according to research by CapTrust. Regarding the latter, Waco has been transformed by the power of home. The success of the TV show “Fixer Upper” prompted stars and entrepreneurs Chip and Joanna Gaines to convert an idle industrial property into a complex of home-themed stores, Magnolia Market at the Silos. The Gaines’ Magnolia-branded site draws 30,000 visitors per week from across the country to Waco, says CapTrust. The spillover benefits to the community are apparent in the form of redevelopment, revitalization and new businesses.