This December file photo shows progress on apartments and a parking garage at the Riverfront development near University Parks Drive and Jackson Avenue.
Workers guide a concrete section into place for a parking garage at the Riverfront development near University Parks Drive and Jackson Avenue in this December file photo.
The $100 million Riverfront development unfolding near downtown along Lake Brazos will be featured in an online program at 11 a.m. Feb. 25 sponsored by the Greater Waco Chamber of Commerce. Developers pitched the project as the Brazos Promenade but adopted the Riverfront name by the time construction started last spring.
Paris Rutherford, principal of Catalyst Urban Development, “will share the latest news on the Brazos Promenade and how this development will continue to influence the Greater Downtown renaissance,” a press release states.
To register, go to WacoChamber.com. Questions should be addressed to the Greater Waco Chamber’s Debbie McCutchen at 757-5636.
40 years in insurance
Wes Bailey, with Bailey Insurance and Risk Management, a locally owned agency dating to 1956, has been recognized by the Society of Certified Insurance Counselors for his 40 years in the business.
Bailey is former chair of the Greater Waco Chamber of Commerce, past president of the Waco Business League and served on the Baylor University Board of Regents. A certified insurance counselor, Bailey for 30 years has served on the society’s national faculty, traveling to lead classes for his peers.
Bailey Insurance and Risk Management was founded by Wes’ father, Bill Bailey, and is ranked in the top 5% of all independent insurance agencies, based on premium volume.
Holiday spending
Sales tax rebates serve as a barometer of spending, as the Texas Comptroller’s Office monthly or quarterly returns to cities a percentage of what is spent on goods and services in their boundaries.
February rebates are a big deal because the reflect sales during December’s holiday rush reported to the Comptroller’s Office in January.
Waco received a February rebate totaling $4.65 million, about 1.1% less than the $4.7 million refund it received in February last year.
Not bad, one might say, considering COVID-19’s economic impact.
Waco’s budget manager, Paul Diaz, said the February check did not sour his mood. For the fiscal year, which started Oct. 1, revenue from rebates is running 2% ahead of the previous fiscal year and 27% ahead of budget projections. Diaz said with COVID-19 wreaking havoc, the city budgeted conservatively, setting $36 million as its target, below the $40 million in actual rebates it received the previous year despite the pandemic.
“We didn’t know where this was going, so going conservative was the right thing to do,” Diaz said.
He said he expects rebates to blow past estimates, and the vaccine rollout has produced a dose of confidence.
Elsewhere in McLennan County, cities generally did very well compared to last February. Robinson was up 11.4%, Woodway 6.3%, Bellmead 6.3%, Lacy Lakeview 21.4%, McGregor 2.6% and Beverly Hills 1.3%.
Hewitt, Lorena and West saw dips of 4.7%, 0.3% and 14.5%, respectively.
Kiva loans
Small businesses facing financial struggles have another ally, with Startup Waco partnering with Kiva to provide loans from $1,000 to $15,000 requiring no interest and no fees, according to a Startup Waco press release.
Borrowers are asked to obtain community support for their enterprises “by raising microloan commitments from friends, family and neighbors.” These commitments from others can start as low as $25, according to the press release.
“When we speak to entrepreneurs about their needs and pain points, access to capital always comes up as the number one or number two barrier to business growth. That’s all about to change,” said Startup Waco CEO Jon Passavant.
Kiva is the first rung on the ladder to accessibility, Passavant said.
Startup Waco will host a webinar on the program from noon to 1 p.m. Wednesday. To register, go to www.startupwaco.com.
Gas prices
Driving conditions may prove challenging over the weekend and early into this week. Running out of gas would pour salt in the wound.
Unfortunately, gas prices are continuing to rise, reaching a statewide average of $2.20 for a gallon of regular unleaded, according to a AAA Texas report released Thursday. That price is 4 cents more than a week earlier and 12 cents more than on the same day last year. Drivers in El Paso are paying the most at $2.47 a gallon, while Sherman-Denison is a bargain at $2.12.
Waco’s norm stood at $2.18 per gallon, the report shows.
“Gas prices keep increasing as the price for a barrel of crude keeps rising,” the report states. “Market analysts say this reflects optimism about COVID-19 vaccines renewing demand later this year and oil production cuts by members of the Organization for the Petroleum Exporting Countries.”
Prices in Texas are the second-lowest in the country, according to AAA Texas.
The national average for regular unleaded is $2.49 a gallon.
AAA Texas said Waco’s record high gas price came in July 2008, when motorists were shelling out $3.97 per gallon for regular unleaded.
PHOTOS: A LOOK AT DOWNTOWN WACO DEVELOPMENTS AT THE END OF 2020
Apartments are being framed and a parking garage is going up near University Parks Drive and Jackson Avenue along the Brazos, part of the $100 million Riverfront development that was first announced in 2015 and got underway earlier this year. Across the river, hotels can be seen under construction near Martin Luther King Jr. Boulevard and Bridge Street.
Workers guide a concrete section into place for a parking garage at the Riverfront development near University Parks Drive and Jackson Avenue.
Catalyst Urban Development's $100 million Riverfront project on city-owned riverfront land near University Parks Drive and Jackson Avenue is set to continue in phases until it includes apartments, office space, retail space, a full-service hotel and at least one restaurant.
Catalyst Urban Development's $100 million Riverfront project on city-owned riverfront land near University Parks Drive and Jackson Avenue is set to continue in phases until it includes apartments, office space, retail space, a full-service hotel and at least one restaurant.
Downtown shoppers walk past the colorful exterior of the Containery at Fourth Street and Jackson Avenue. The mixed-use development is nearing completion.
Downtown shoppers walk past the colorful exterior of the Containery at Fourth Street and Jackson Avenue. The mixed-use development is nearing completion.
A Cambria Suites and adjacent Even Hotel are well underway near Martin Luther King Jr. Boulevard and Bridge Street.
The L-shaped Cambria Suites between Bridge Street and Taylor Street would include 132 guest rooms, a bar and restaurant, fitness center, 5,400 square feet of event space and a shared courtyard with the adjacent Even Hotel. Even would include 128 rooms, a bar, restaurant, and 1,900 square feet of meeting space.
The L-shaped Cambria Suites between Bridge Street and Taylor Street would include 132 guest rooms, a bar and restaurant, fitness center, 5,400 square feet of event space and a shared courtyard with the adjacent Even Hotel. Even would include 128 rooms, a bar, restaurant and 1,900 square feet of meeting space.
The Springhill Suites at Interstate 35 and University Parks Drive is adding 125 rooms to Waco's hotel mix, and guests will have quick access to downtown and to Baylor University and McLane Stadium. A handful of other hotels are under construction or in the works in and around downtown, poised for the industry to rebound from deep struggles tied to the coronavirus pandemic.
Developer Peter Ellis said tenants moved into new lofts in the Stratton Building shortly after Thanksgiving, and work is continuing on the rest of his Stories project at Austin Avenue and Eighth Street.
Alongside a long list of commercial development in the downtown area, a $12.4 million city of Waco project is underway to give the almost 151-year-old Suspension Bridge new steel cables, new decking and stronger anchor points.
A crew works from a platform under the Waco Suspension Bridge. One of the first major steps for a $12.4 million renovation of the bridge will be placing temporary pilings in the Brazos River to support the structure during the work, expected to last into 2022.
Crews are preparing to replace the Suspension Bridge's steel cables and decking, while strengthening its anchors on each bank of the Brazos.
Temporary pilings in the Brazos River will support the Suspension Bridge while its steel cables are replaced.
Crews are preparing to replace the Suspension Bridge’s steel cables and decking, while strengthening its anchors on each bank of the Brazos.
Crews are preparing to replace the Suspension Bridge's steel cables and decking, while strengthening its anchors on each bank of the Brazos.
Crews are preparing to replace the Suspension Bridge's steel cables and decking, while strengthening its anchors on each bank of the Brazos.
Crews are preparing to replace the Suspension Bridge's steel cables and decking, while strengthening its anchors on each bank of the Brazos.
A scooter rider passes the construction area for the $12.4 million overhaul of the Waco Suspension Bridge.
A walker passes the construction area for the Waco Suspension Bridge. The $12.4 million project is expected to last into 2022.
Pivovar, a Czech-inspired restaurant, brewery and hotel, will open early in the coming year to join a growing list of options on Eighth Street near the new main entrance for Magnolia Market at the Silos.
Pivovar will add a brewery, restaurant and hotel near the new main entrance to Magnolia Market at the Silos. It is set to open early in the coming year.
Interstate crossings, along with the access roads and I-35 itself, are in a state of change near the downtown area as a $341 widening project plugs along.
Interstate crossings, along with the access roads and I-35 itself, are in a state of change near the downtown area as a $341 widening project plugs along.
Interstate crossings, along with the access roads and I-35 itself, are in a state of change near the downtown area as a $341 widening project plugs along.
During the widening of Interstate 35 through the north end of Waco, traffic patterns have been altered at the University Parks Drive underpass, along with many other crossings.
Interstate crossings, along with the access roads and I-35 itself, are in a state of change near the downtown area as a $341 widening project plugs along.
Improvements on a short stretch of Fourth Street progress along with the work on Interstate 35 nearby.
Improvements on a short stretch of Fourth Street progress along with the work on Interstate 35 nearby.
February 14, 2021 at 04:00AM
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Mike Copeland: Riverfront development; 40 years in insurance; Holiday spending; Gas prices - Waco Tribune-Herald
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