![]() The apartments at Alexan Waterloo are already open for business, and the Symphony Square mixed-use tower development is now under construction just across the intersection of 10th and Red River Streets from the TRS site. Psst hey you wanna buy some carrots plus#Then there’s the long-expected hotel replacing the shuttered Brick Oven Pizza at 1209 Red River Street, plus the potential redevelopment of another state pension office near here. The Brackenridge redevelopment will rub elbows with more projects a stone’s throw from the TRS site, like the Aspen Heights Partners redevelopment of the 1.7-acre HealthSouth tract bringing two more towers to the area with residential and office uses. Maybe all those state parking garages on the right really anchor this district. The new Waterloo Park anchors this district, or maybe the Brackenridge redevelopment will anchor this district. CBRE, Waterloo Innovation Center Listing TRS anticipates an agreement to be presented to the TRS Board of Trustees for approval in September 2022. In Step 2 (“Refined Proposals”), TRS will request that shortlisted Respondents prepare a refined Project proposal for review and participate in an interview with the TRS Evaluation Team to be scheduled before a final selection is made. TRS requires respondents to first provide a fee-simple offer before contemplating alternate purchase mechanisms.įollowing a review of initial qualifications and offers of value submitted by interested parties in Step 1 (“Statement of Qualifications” or “ SOQ”) of a two-step process, TRS will contact a short-list of Respondents determined by the TRS Evaluation Team as the most qualified to acquire a fee simple (or perhaps leasehold interest) in the Site and offer the best value to TRS. Respondents may also propose other options as long as a fee simple offer is included as well. TRS will consider offers encompassing a fee simple interest. TRS is interested in proposals that provide the most benefit to the Fund. TRS envisions development at the Site’s highest and best use and is seeking maximum value for the Site. ![]() This offering is made unpriced, on an “as-is, where-is” basis. The leaseback will cover operating expenses and will allow for a new owner to initiate their design and permitting process to immediately start repositioning and redeveloping the Site upon TRS vacating the property. Upon the sale of Waterloo Innovation Center, the Property’s current owner, the Teacher Retirement System of Texas, a public pension fund (“ TRS” or “Fund”), plans to leaseback 100% of the Property for a period of two years. The property’s listing explains the agency’s expectations for the future of the site in exhausting detail: As seen in the marketing video above, TRS believes the highest and best use of the property is in its redevelopment - the agency’s current estimates of the deferred maintenance cost on the aging complex rings up to something like $50 million over the next 20 years, so it’s no wonder they’re skedaddling to Mueller. ![]()
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