Two anchor restaurants, a brewery and retailers may inhabit the former Diversified Product Development building at 10th Street and Webster Avenue, recognizable by the 300-foot-long mural along its side facing 11th Street.
The seemingly prime spot lies blocks from Magnolia Market at the Silos, The Findery and Balcones Distilling, but the mixed-use project will proceed mindful of local preferences, said Josh Barrett, a partner in the venture.
“We will have tourists in the mix, but we see what we’re doing as quality concepts for locals,” Barrett said.
He has begun pre-leasing space in the 54,000-square-foot venue and welcomes inquiries. Barrett’s name and that of local developer Shane Turner appear on the on-site marketing sign, but another local group, WAGBOO Properties, is the driving force.
Barrett said WAGBOO bought the building in October and is pursuing final design and a floor plan. He said uses will be found for every square foot and that the structure will be gutted and remodeled for occupants. Parking will materialize on the vacant land between the building and South 11th Street.
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“There will be two anchor restaurants and a bar in the back. We’re looking for a grocery tenant,” Barrett said.
He said interior demolition has begun, and backers predict completion during next year’s first quarter. He said no final decision has been made on whether to keep the building’s large mural in place. It was painted in 2019 and includes images referring to Waco History. Chesley Smith and Ira Watkins were the lead artists.
Getting specific as he could be at this stage, Barrett said the building will house 14 to 18 retail tenants, ranging from 458 square feet to 10,000 square feet. The two anchor restaurants will occupy 4,400 to 5,100 square feet apiece, while three smaller food-service spaces each will cover about 250 square feet.
“We have four or five prospective tenants currently lined up,” Barrett said.
He said his partners in WAGBOO Properties include Robert Owen and Mark Owen, who lead Belfor Property Restoration’s Waco office; Taylor Allen, with Rydell Real Estate; Brent Wilson and Michael Hillman, owners of Visiting Angels home care; and Ryan Gibson, investor and real estate developer.
“Two of the prospective tenants are anchor restaurants,” Barrett said. “We also have a prospective tenant for a brewery, a larger unique retail tenant, and a few smaller boutique retail tenants.”
Access to the building should benefit from the recent reopening of a repaved Webster Avenue from 11th Street to Sixth Street, in front of Magnolia Market at the Silos. Infrastructure work kept that area in a state of repair for months. Workers and machinery became so concentrated that heavy equipment was parked on the green space outside the Diversified building.
“Now it really looks nice,” Barrett said, referencing the few machines still remaining and Webster Avenue’s smooth new surface and on-street parking. He said it will provide convenience access to the development.
WAGBOO bought the 54,000-square-foot building from businessman Ray Fritel, who founded Diversified Product Development in 1996. Diversified produces customized equipment for utilities across North America under its LineWise brand. As downtown has evolved more to commercial land use than industrial, Fritel bought a tract near the Home Depot in Bellmead and relocated his company. His downtown address became available.
Developer Bill Wetterman announced his interest in the Diversified space and a towering brick building next door, the late 19th-century home to Geyser Ice Co.
Wetterman envisioned a lodging, dining, retail and entertainment venue.
But Wetterman’s plan never materialized. He still owns what is left of the old ice house, said Gregg Glime, a commercial real estate agent who listed the space hugging the railroad tracks along Jackson Avenue. Glime said Thursday he no longer shows the property, but knows of two interested parties.
“That’s a great site. Hopeful to see something happen with it,” Glime said.
The diversified building returned to availability, and the partnership that includes Barrett snapped it up, having big plans of its own.
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