On April 13 the Laredo Economic Development Corporation hosted a press conference to announce the official signage of a Tax Increment Reinvestment Zone (TIRZ) between the City of Laredo, Webb County, Laredo College, and Killam Development, heralding the start of the development of The Coves at Windfieldproject in North Laredo.
The project began 14 years ago and is planned to be situated in an area adjacent to TAMIU. According to Killam Development Corporate Planning Partner Cliffe Killam, The Coves is a 1,000-acre master-planned mixed-use community with a coving design that focuses on walkability while encompassing businesses and residential areas through a town square design.
Approximately 1,800 new homes, 1,000 apartment units, and a million square feet of commercial space are estimated to be built at The Coves, Killam said, all of which are estimated to make up $500,000 to $1 billion of investment. Over time, these units and potential businesses will pay their share of taxes that will be added to the TIRZ account. Mayor Pete Saenz lauded the step forward and the investment within the TIRZ and The Coves, and he signed the agreement alongside Cliffe Killam, Webb County Judge Tano Tijerina, Laredo College’s Dean of Strategic Recruitment and Community Engagement Dr. Diana Ortiz. All believed the TIRZ economic tool will allow opportunities for each entity, which may include an extension of Laredo.