WACO, Texas — 200 rental homes and 300 apartments will be built at the Cottonwood Creek Market beginning in late 2022, according to NewQuest Properties.
The market currently houses Topgolf, Cinemark and Main Event. The company will also add a car wash, retail, fast food dining and chain restaurants.
The homes will be build-to-rent, meaning they can only be leased.
“There is a lot of momentum and interest in Cottonwood Creek Market because of our anchors. We feel confident we’re going to get the right users for the retail buildings in short order,” says Austen Baldridge, vice president of Houston-based NewQuest and the project’s leasing agent.
Coldwell Banker realtor Tyler Anderson says this is a great development for Waco and will be attractive to clients.
“To be able to build things that accommodate every step of life, whether it’s just starting out, downsizing, or just being in a certain location, man I think it’s gonna be a great thing for Waco," Anderson said. "Personally I would love to be in walking distance like the main event and Topgolf, I would love it and I know a few of my clients would.”
Waco is in a housing shortage and the new homes will bring a bit of relief, but the city and Anderson indicate more is needed.
“Just in our office we have 70 agents, multiply that by five or six clients each, we need houses for all those people who aren’t buying anything, we need a few hundred more, especially with all the businesses coming in and everything," he said.
NewQuest says that the 143-acre project is the largest entertainment and dining district between north Austin and south Fort Worth along Interstate 35. High on the prospecting list are nationally branded sit-down restaurants, fast-food chains and coffee shops.
There are only two large tracts remaining for sale – 16.65 acres earmarked for multifamily development and six acres tagged for hospitality. The residential acreage could add another 350 units to the NewQuest development.