Turner Brothers asks Waco to extend Floyd Casey development deadline; staff recommends Nov. 30, 2025

Turner Brothers representatives briefed the Waco City Council on Dec. 17 about progress and a requested extension for the 72-acre Floyd Casey redevelopment. Jeremy Pesina, assistant director of economic development, said the city and developer agreed the project would not meet the executed Master Development Agreement's Nov. 2, 2024 completion deadline and that Turner Brothers submitted an extension request on Oct. 15, 2024.

Pesina recapped the MDA terms: the project requires a $100,000,000 capital investment (about $14,000,000 TIF-eligible), 259 single-family lots, three required multifamily sites (Turner Brothers currently have four pads), and roughly 20,000 square feet of commercial space. The total incentive package was listed at $25,450,000, all performance-based: a TIF reimbursement up to $19,200,000, an infrastructure grant up to $4,000,000 for a hike-and-bike trail, and an economic-development grant up to $2,250,000 (70% sales-tax reimbursement after taxes are paid). Pesina said horizontal (utility) work is underway, builders are under contract for all 259 lots and vertical construction should begin in early Q2 2025.

City staff presented a recommendation to extend the completion deadline to Nov. 30, 2025, while leaving the original grant terms and caps intact. Staff also proposed adding developer commitments: naming a third street to honor Hispanic heritage (bringing the total committed to three), installing antique street lighting and name plaques honoring Hispanic heritage along the developer's portion of the proposed heritage trail, and giving staff authority to negotiate the specific amendment language. "Due to changes in the water connection and construction challenges, the project has been delayed," staff said, and asked council for guidance because no resolution was on the current agenda.

Council members expressed support for a phased approach to speed visible vertical construction and reduce the number of extension conversations; several members said they wanted a single firm deadline to avoid repeated returns to the council for more time. Turner Brothers said they were open to staff-recommended language and to meeting with city staff to refine a date; city manager Ford said staff preferred a single deadline rather than multiple rolling extensions. No formal vote was taken in the work session; staff indicated the extension would return to council for formal action in January.