WACO, Texas – A $185 million project is expected to be the largest economic development in Waco’s history.

The City says it will be a 21st Century home for the Baylor Mens and Womens Basketball programs as well as a venue — 90 days out of the year — to house concerts and other entertainment events.

Along with the venue, a parking garage will be built ready to host at least 600 cars.

The riverfront expansion also includes four new acres in residential, retail hotel, restaurant and office use.

It’s set to generate $18.9 million in revenue to the City and over 1,800 jobs will be created.

In a statement online Waco Mayor Dillon Meek says “This expansive project includes not only The Pavilion, but Riverfront infrastructure improvements and significant, private development on newly procured acreage on the Brazos River. This project embodies what today’s Waco is all about: collaborative spirit, big dreams and a authentic commitment to ambitious action.

The Pavilion and parking garage is scheduled to be completed by the end of June 2024.

Waco City Council is set to hear more on The Foster Pavilion next week.