Manhattan Project Beer Company will open a Waco taproom at the Foster Pavilion parking garage under a 15-year lease approved by the city council Tuesday.<\/p>\n
WACO, Texas \u2014 The Waco City Council on Tuesday approved a 15-year lease agreement with The Manhattan Project Beer Company, bringing the Dallas-based craft brewery to the ground floor of the Foster Pavilion parking garage near Baylor University.<\/p>\n
The resolution, passed April 21, authorizes a lease<\/a> for approximately 10,260 square feet of space at 600 S. University Parks Drive, with two additional five-year renewal options. The agreement includes $2.49 million in owner improvements and is expected to generate an average of $241,711 in annual lease revenue for Waco.<\/p>\n The $2.49 million in owner improvements breaks down as follows:<\/p>\n $694,000 to bring the space to white box condition, meaning a partially finished area that includes basic infrastructure like HVAC, lighting and a finished bathroom.$1.796 million in tenant improvement allowance towards total area improvements, which includes mechanical installations, electrical and plumbing, framing, flooring and more. <\/p>\n The City of Waco projects it will recover its tenant improvement allowance by year nine of the initial lease term.<\/p>\n