The city of Waco, Texas, and Baylor University have agreed to partner to build a new basketball arena in the city’s Riverfront district.
The arena, which will house both the men’s and women’s basketball programs, as well as concerts and other events, will total $185 million.
The venue, called Foster Pavilion, will seat 7,000 fans and include standing room for 500 more. There will be two 2,000-square-foot video boards, two club spaces, and training facilities.
“Elite programs deserve an elite facility, and today marks a significant milestone in fulfilling this vision,” Baylor athletic director Mack Rhoades said.
A Win-Win Deal
Officials expect that the investment will not only benefit Baylor, but also the entire locality of Waco. The city is putting significant funding into the project as part of a major local invigoration program.
- Waco voted to approve $65 million toward funding for the project.
- The two parties must set a final agreement by March 1, 2022.
- The neighborhood-wide investment project will total $700 million.
“At full build-out, this project will be the largest economic development project in Waco’s history and will undoubtedly transform the face of downtown Waco,” mayor Dillon Meek said.
