City Council has entered into an Economic Development Agreement with a developer in Lorena to create a new multi-use development at the Oak Lodge Motor Inn site.
Illustration of the feature: an artist rendered by RBDR, SARL of the esplanade and the commercial part of the proposed development.
by Art Benavidez
Waco (McLennan County) – The municipal council has entered into an economic development agreement with a developer in Lorena to create a new mixed-use development in Oak Lodge Motor Inn to place.
The city offers JKBM Holdings, LLC, the developer, up to $ 1.3 million through Tax Increase Funding (TIF) for the project Dottie Oaks Condominiums, located at 1024 Austin Avenue in the Brook Oaks neighborhood.
Asbestos removal is required, in addition to the demolition of the 21,457 square foot inactive building, which was constructed in 1965.
The city would make an initial payment of $ 300,000 to JKBM Holdings, LLC when demolishing the existing structures.
The remaining $ 1 million from the ITF would be disbursed over 10 years from the completion of the project.
The new construction will include 23,757 square feet of condominiums, 8,710 square feet of retail, unspecified area for retail and restaurant, and 16,875 square feet of surface parking.
The proposed site plan shows seven condos with parking garages, 41 parking spaces (including 19 public spaces), two commercial buildings that can accommodate five tenants, a yard and a plaza.
The proposed private improvements will include renovations to the civilian site, as well as the use of structural steel and concrete, installation of antique lighting, street landscaping, bike racks and parking. on public street.
JKBM Holdings, LLC will also replace 735 linear feet of public sidewalk.
Local architects RBDR, SARL are on board the project. The current owner of the property is a local resident Patel Daxaben.
VBX Project ID: 2021-54EE