Baylor University’s Men’s and Women’s Basketball programs are getting a new home as the city of Waco will partner with Baylor to fund a $185 million venue. The venue will be named the Paul and Alejandra Foster Pavilion and will also serve as a city-run performance venue throughout the year.
The Waco City Council will vote Tuesday on an agreement to seek $65 million in Tax Increment Financing Zone fund for the venue and the Baylor University Board of Regents is set to approve funding on Monday.
The Foster Pavilion will be a 7000-seat arena that Baylor athletics officials say will improve fan experience and sightlines for their highly successful basketball programs.
Along with the venue will be public parking garages that will hold at least 600 cars. The project also includes four new acres in residential, retail, hotel, and restaurant use.
“I think this project represents a kind of meshing of both the Baylor campus and downtown,” Baylor Athletics Director Mack Rhoades said. “I think that’s really positive for both entities. We look at it as an extension and an expansion of our campus, and the vibrancy with downtown and everything that will be going on when this project is completed.”
The riverfront project is expected to generate $18.9 million in revenue for the city of Waco and over 1800 jobs will be created.
The Pavilion and parking garage are scheduled to break ground in June and be completed by January 2024.