MCLENNAN COUNTY, Texas (KXXV) — Topgolf, Cinemark, Main Event, Whataburger and soon a Chick-fil-a — there’s no doubt that the Cottonwood Creek Market in Waco is growing rapidly.
The 143-acre development is valued at more than $89 million — significantly increasing from around $6 million in 2020.
The market is boosting economic growth in Waco through job creation and increasing property and sales tax revenue.
“The rising interest rates have caused a little reduction in the buyer market, and so you see a big growth in the renter market,” said owner of Haus Realty, Cory Duncan.
The City of Waco conducted a housing study in 2022 showing a need for about 5000 units.
“A 2022 survey saying we needed 5000 units, that number has grown,” Duncan said.
“You’re still seeing quite a boom, especially in the Waco area, in some of that multifamily development,”
This market has supplied 350 multi-family units and plans to bring 500 more in single-family units along New Road.
“We can build units and develop units, but of course there’s only a certain pace with that, we also have to compare that against population growth,” Duncan said.
How exactly is the city sustaining this growth?
In a statement, the City of Waco told 25 News it's funding the development with more than $4 million through tax increment financing.
This will help encourage land development while preventing flooding and protecting roads and sidewalks from water damage.
