Case & Associates Properties, from Tulsa, Oklahoma, apparently believes if one sprawling apartment complex on New Road is good, two would be better.
It proposes placing a $25 million apartment-and-townhouse complex called The Bend at New Road east of Interstate 35 and near University High School, company executive Scott Case confirmed in an interview Friday.
Case already has a track record locally, having completed Tuscany Ranch Apartments on South New Road three years ago. He said hat 260-unit gated property is meeting expectations, as is the Icon at Hewitt, another local complex he developed.
“The longer we’re in Waco, the more we like it,” Case said. “Tuscany Ranch is a good asset, leasing has gone well. The city of Hewitt really was in need of apartments, and Icon continues to perform well. We went south, to Temple, and are finishing up a lease there. We wanted to do another in Waco, found this land on the east side of New Road, and chose to proceed. We think the demographics are right, that there are enough young professionals and active seniors who want to travel more and don’t want to take care of a lawn.”
Case envisions 252 units at The Bend at New Road, with monthly lease options ranging from $900 to $1,300 a month. Townhouses in the complex would provide garages for an additional $95 monthly.
One floorplan may appeal to “anti-social types,” Case said with a laugh.
“We’re calling it our loft garage, with direct access to apartments placed above the garage,” Case said. “Another concept, fairly new and for which Waco is a test market, involves townhouse buildings with five-bay garages, living space on the first floor and bedrooms on the second floor. Again, there will be direct access to the apartments from the garage. We believe they will prove popular.”
Case said the family-owned company was pursuing vacant land with the necessary zoning to accommodate a multi-family project. It did not target acreage near University High School, but its proximity is a bonus.
“On average we have 40 to 50 school-aged children in each of our developments, kindergarten to 12th grade,” he said. “That factor is not included in our criteria, but it just so happens they are.”
He said the company recently became aware that a development group headed by Waco real estate agent Bland Cromwell and local businessman Gordon Robinson has proposed a $25 million, 30-plus-acre entertainment venue at Loop 340 and Interstate 35, across the interstate from Central Texas Marketplace. It would include a movie theater, bowling alley, dining options and possibly game rooms, and would anchor a 350-acre project.
A $5 million incentive package from the city of Waco is in play.
“We recently heard about that, were excited about the conversations and hoped it would come to fruition,” Case said. “But we chose our site based on the performance of Tuscany Ranch, access to Interstate 35, proximity to Central Texas Marketplace, and the fact it is only a few miles from the university, Baylor. We do get a few graduate students.”
Founded in 1983 by Scott Case’s father, Mike Case, the company manages 30,000 apartment and townhouse units in five states. It is open to placing up to five developments in each market to create economy of scale, including having employees available to fill vacancies in a pinch, Scott Case said.
Amenities proposed at The Bend at New Road include a clubhouse, fitness center, resort-style pool with fountains and cabana, outdoor fire pit, four stainless-steel grills for resident use, picnic areas, barbecue grills, and separate dog parks for large and small animals, Case said.
Interiors will include stainless steel appliance packages.
Bobby Horner, in the city of Waco’s inspection services department, said Case has submitted a site plan for consideration. Case said preleasing likely will start in nine months, with move-ins during the first half of next year.
“We have a loyal following of subcontractors who know we pay on time,” he said. “They’ve been with us from Wichita, Kansas, to Corpus Christi.”
The company also is looking at the Killeen and Belton markets, and has considered China Spring for a fourth location in Greater Waco, Case said.