Second Phase of Franklin Place Complex To Resume Under American Ventures Ownership
American Ventures confirmed it now owns the 63-unit Franklin Place at 600 Franklin Ave. The former owners, Austin-based Realtex, leveled several ramshackle structures to build the complex a decade ago and had announced a second phase with 90 units. Realtex secured $1.3 million in Tax Increment Financing Zone money to complete the first phase, and received pledges for $750,000 more in 2015 before the project went dormant. The TIF board pulled the money at the urging of Melett Harrison, who oversees economic development for the city of Waco.
Now American Ventures aims to take up where Realtex left off, with phase 2 of the development already in the works. Read more here.