WACO – The downtown Tax Increment Financing (TIF) board has approved an extra $17.4 million for the riverfront parking garage next to the new Baylor University basketball arena.
The funding request, which came from the City of Waco, brings the TIF’s total contribution to the riverfront project to about $133 million.
The amendment covers a $9.5 million metal façade wrapping around the 90-foot-tall garage on University Parks Dr., across from what will be the Paul and Alejandra Foster Pavilion, a $213 million basketball arena.
The garage is now expected to cost $37.6 million. It will provide 450 parking spaces on six upper decks, over 20,000 sf of ground-floor retail. The retail space is expected to cost $7.5 million.
The side of the garage visible from southbound I-35 may display historical Baylor campus images.
Austin Commercial will manage construction.