Revitalizing Waco, TX

With Texas Team in Place, Propertize Ventures Proposes Sports-Anchored MXU Development in Waco, TX

When Steven Mann, General Partner of Propertize Ventures, first visited Waco, he understood right away why many call it the best-kept secret in Texas.

“Here was this thriving mid-sized city with everything you could need or want in a big city, but with all of the charm and friendliness of a small town,” Mann recalled. “It’s centrally located between Dallas and Austin, has some of the best weather in the country and a strong job market yet the cost of living is reasonable, and there’s so much to do and explore. I loved it.”

In fact, Mann loved it so much he decided to relocate to Waco for part of the year, and began pulling together a top-notch team to bring a major mixed-use development project to the city. As it happened, the City of Waco was already considering options for redeveloping its downtown core. Propertize Ventures quickly got involved and is now among the four finalists being considered as the master developer for the city’s ambitious downtown revitalization project.

At the center of Propertize Ventures’ “Activate Waco” proposal is a waterfront, sports-anchored MXU development offering year-round, day-and-night events and a vibrant mix of retail, office, and residential uses. Key to the success of its master plan for downtown Waco is its partnership with MHS Architecture, an award-winning architectural firm with a strong focus on urban planning and design. The firm is known for its transit-oriented and high-rise developments that have transformed Jersey City and its vibrant waterfront overlooking Manhattan.Together with MHS Architecture, Propertize Ventures envisions a new downtown core for Waco that takes better advantage of its proximity to the Brazos River, creating a vibrant pedestrian-only corridor that includes a wharf, baseball stadium, arts and entertainment center, and municipal buildings.

“With our Texas-based team, we are ready to start planning and executing this exciting vision for Waco on day one if selected to be the master developer for the Downtown Redevelopment Project,” said Pete Dordick, President and Director of Development for Propertize Ventures. “Like so many Waco residents, we believe there’s so much potential to unlock in this city and we can’t wait to help make it happen.”

Along with MHS Architecture, Propertize Ventures team also includes other significant partnerships in Texas, including:

Garfield Public Private, a national leader in P3 developments (private-public partnerships) based in Dallas. Garfield’s portfolio includes some of the most exciting projects to come to Texas—the Buddy Holly Hall of Performing Arts & Sciences in Lubbock, the Rothko Chapel in Houston, and the Westin Irving Convention Center in Irving, part of the $300 million major convention and entertainment district in the heart of the Las Colinas Urban Center. 

Outside of Texas, Garfield developed the George S. and Dolores Dore Eccles Theater in Salt Lake City and the Durham Performing Arts Center in Durham, NC—two projects with an expected combined economic impact of half a billion dollars.

Legends Hospitality, a global firm specializing in premium entertainment experiences with offices in Dallas. Legends has partnered with many of the world’s most iconic sports, entertainment, and attractions brands, including the Dallas Cowboys, the New York Yankees, Real Madrid, and the PGA. Legends played a key role in the development of the Ford Center at the Star, a multipurpose, 12,000-seat indoor stadium connected to the Cowboys’ world headquarters. In November, Legends announced it would acquire ASM Global, which manages a portfolio of live event entertainment venues worldwide serving 164 million guests annually.

With Legends as one of its key partners, Propertize Ventures is extremely well positioned to attract a major baseball franchise—and large corporate sponsors—to Waco. Similar development projects centered around minor league stadiums have led to the successful resurgence of urban areas in Sugar Land, TX; Fayetteville, NC; and Summerlin, NV, to name a few.