News
17-acre Lifestyle Center Being Developed to Bring Life to the Heart of Downtown Waco
Waco Town Square to include high-end retailers, affordable Class A office space and residential living
(HOUSTON, TX) April 25, 2007 - SWB Heritage Square Partners, L.P. (SWB) recently announced plans to help revitalize downtown Waco, Texas, with the construction of a new 17-acre mixed-use development. Located in the heart of downtown, Waco Town Square will consist of upscale retailers and restaurants, professional office space and residential living, including a student housing development for students at Baylor University, McLennan Community College and Texas State Technical College.
"We are excited to bring such a unique development to Waco," said David Wallace, SWB partner. "We envision Waco Town Square as a community gathering spot - a place for area residents to work, live, shop and play."
The Waco Town Square development is part of a larger effort by the City of Waco and other economic development groups who are working to redevelop the downtown area. The Waco Chamber of Commerce recently broke ground on a new building, which will be located in the Town Square development.
"Not only will Waco Town Square build a sense of community, it will also have a positive impact on the vitality and economy of the downtown area," added Wallace.
The main-street styled town center is designed to provide unique shopping, fine dining, entertainment and community activities for the residents of Waco. Additionally, offices will sit above retail spaces and restaurants offering an ideal work environment where tenants are within walking distance to area restaurants and shops.
Scheduled to break ground this fall, the phased development will ultimately consist of 61,880 square feet of retail and restaurants, 68,680 square feet of Class A office space and approximately 35,000 square feet of loft-style residential space.
In addition, approximately five acres of Waco Town Square will be developed as a 450-bed, student housing facility that will accommodate students attending Baylor University and other local colleges.
"The development's close proximity to the universities will offer a great alternative for students who want to live close to campus while enjoying all the benefits of the town center atmosphere," said Kevin Matocha, SWB partner. "Our studies and discussion with university administration show that there is demand for this type of housing."
Waco Town Square will be located between South Third and South Fourth Streets in Waco's traditional downtown area. Heritage Square will be incorporated into the development providing an area for community events and celebrations.
"We anticipate this will become a regional landmark in the next few years," added Costa Bajjali, SWB partner.
In addition, SWB recently purchased River Square Center, a more than 90,000 square-foot, mixed-use center that currently consists of a variety of restaurants, retail and Class A office space. The center is located at Second Street and Franklin Street on the east boundary of the future site of Waco Town Square and has been incorporated as part of the overall development.
About SWB Heritage Square Partners, LP
SWB Heritage Square Partners, L.P., based in the Houston area, was created specifically for the development of Waco Town Square. Partners in the development include David Wallace and Costa Bajjali of Wallace Bajjali Development Partners, L.P. and Kevin Matocha of Stonehenge Companies, LLC. Together, these partners and their development team bring more than 100 years of commercial real estate development experience to this exciting venture.