The upscale western boot and apparel brand, Tecovas, will be opening a store by late summer/early fall in the ground-floor retail space of a two-story building that previously housed a business college. The second floor space will be leased to a law firm. The challenge with leasing the space was the fact that the building is a 103-year-old property, so Brazos River Capital committed to spending up to $2M to refresh and remodel the historical structure. The retail lease benefited from the personal relationship of the president of Brazos River Capital with the CEO of Tecovas. It was during a social lunch together that the idea of Tecovas opening a store in the space was initially discussed.
Tenant: Tecovas
Location: Waco, Texas
Square Footage: 3,100 s.f.
Property Type: Ground floor of a street-front mixed-use building
Developer/Owner: Brazos River Capital
The building is on the same city block as the upcoming Magnolia Hotel, expected to open by late 2021/early 2022 and co-founded by celebrities Chip and Joanna Gaines of HGTV. Plus in December, the Waco City Council approved renovating the retail storefront’s road from a one-way street into a two-way street, with completion estimated by the spring of 2022. Brazos River Capital is hopeful that the hotel and the two-way street will turn the area into an anchor for increased downtown activity and pedestrian traffic. The street also houses local independent tenants, including a clothing/gift shop, an escape room and a brewery/pizza restaurant. Tecovas will be within two miles of Baylor University, and is less than a mile from the Magnolia Market at the Silos, a popular commercial development owned by the aforementioned Chip and Joanna Gaines, encompassing dining and retail. In addition, there is also a new Class A mixed-use project called the Brazos Promenade that is under construction next to Baylor University, developed by Catalyst Urban Development. The project will overlook the Brazos River and provide 6,000 s.f. of retail space and 266 residential units in the first three phases.
Property Representation: Brazos River Capital, 900 Austin Ave., Suite 1101, Waco, TX 76701.
Jed Cole, President, (254) 756-4411. jed@brazosrivercapital.com
