Oak Lodge Motor Inn demolition for condos, retail in Waco gets $ 1.3 million TIF nod | Local government. and politics
In addition to the purchase price of $ 2 million for the property, the demolition and refurbishment is expected to cost about $ 516,000, and construction is expected to cost about $ 6.8 million, according to TIF’s request.
According to information presented to the TIF board of directors, plans for the complex include a commercial envelope at the corner of 11th Street and Franklin Avenue; two retail shells at the corner of 11th Street and Austin Avenue; seven 2,260 square foot two-story condos with private patios, balconies and garages between retail âend capsâ; and eight loft-style spaces above retail units, ranging from 608 square feet to 1,390 square feet each.
The expected sale price for the larger condominium units would be $ 452,000 each, and the expected sale price for the lofts would range from $ 204,000 to $ 312,750 each, depending on the TIF app.
The plans also include on-street parking, bicycle racks and a green space in front of the complex.
Mitchell said he viewed the proposed condominium complex as a potential sign of “welcome” to the downtown area for visitors, indicating that they have reached the heart of the city.
Robert Denton, who owns and has remodeled several buildings facing Austin Avenue behind the hotel, said he had the property under a purchase contract about three years ago with similar plans to build a nine-condo complex, but the deal failed. He said he always knew that even if it wasn’t him, someone would end up buying him, and he’s excited about the project.