Waco to Consider $37 Million Apartment Development
The proposed 150-unit project includes 30 income-restricted apartments and public funding for the East Waco site.
Updated on Oct. 21, 2026 in Apartments
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The Waco City Council is scheduled to vote on a $37 million East Waco apartment project this Tuesday, October 20, 2026. If approved, the city would provide up to $5.6 million in tax increment financing and public land for the 150-unit development.
Why it matters
The proposed development aims to add housing and commercial space to East Waco, with the agreement requiring at least 30 units to be reserved for middle-income households for 10 years.
The proposal includes 150 apartments and nine commercial units supported by $5.6 million in public financing. At least 30 of these units will be income-restricted for households earning up to 100% of the area median income for 10 years.
The players
Waco City Council
The local governing body responsible for municipal zoning, public land transfers, and tax increment financing allocations.
The Charles family
Property owners on Taylor Street who acquired their site in 2016 and established the Tru Jamaica restaurant in 2019.
The details
The development plan relies on a mix of private capital and municipal support to convert land on Taylor Street into residential and retail space. To receive the $5.6 million in tax increment financing, the developer must meet specific community requirements, including the mandatory income caps for a portion of the apartments. Once the 10-year term ends, those units may transition to market-rate pricing.
Timeline
2016: The Charles family purchased their Taylor Street property.
2019: The Charles family opened the Tru Jamaica restaurant.
October 20, 2026: The Waco City Council will consider the development agreement.
Money Landscape
Tax increment financing is a common mechanism used by municipalities to stimulate development in areas where private investment might otherwise be insufficient. This proposal continues the city's broader strategy of leveraging public incentives to support infill housing and commercial expansion.
If you are a renter in East Waco, the inclusion of 30 income-restricted units may provide a housing option at capped rates for a decade. Residents should monitor the council's decision to see how the project alters local housing supply and commercial availability near Taylor Street.
The takeaway
The proposed project could significantly alter the East Waco landscape by introducing 150 new units and commercial retail space. Residents interested in long-term housing costs should track the outcome of Tuesday's vote to understand potential future changes in neighborhood affordability.
Further reading
For more on local housing trends and development, visit the Waco Apartments section.
Source note: This article includes information reported by Kwtx.
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