Development
BY ETHAN THOMAS
The Neue developers receive $2.2M for utility improvements
Breaking down the cost The $2.2 million will be paid to the developers as projects are completed, according to the council presentation.
A four-story mixed-use condominium devel- opment called The Neue is on to the next stages of development after New Braunfels City Council approved a $2.2 million expenditure Nov. 24. The expenditure was a recommendation from the New Braunfels Economic Development Corp., or NBEDC, after a meeting held Sept. 30. Developers with Seals Family Properties and Gillum Development were looking for nancial support to fund on- and o -site infrastructure costs, initially listed for $2 million, as previously reported by Community Impact . The update Costs include the development of the project and public infrastructure improvements. The improvements will be along Guenther Avenue and W. San Antonio Street, and include sidewalk, drainage and utility improvements and Ameri- cans with Disabilities Act-compliant enhance- ments, Deputy City Manager Jordan Matney said during the council presentation. The NBEDC plans to use the development as a way to ful ll other policy objectives, such as walkability, connectivity and the expansion of underground utilities, Matney said. Funding for the project will come from NBEDC, funded primarily by a portion of sales tax. Of the full amount, $700,000 will be awarded to developers Seals Family Properties and Gillum Development as right-of-way and utility projects are completed. The remaining $1.5 million will be paid after a certi cate of occupancy is given to the property, according to the presentation.
Phase Description
Max amount Trigger for reimbursement Payment timing
Engineering and nal design of Guenther St.
$100K
Submittal of nal design to NBEDC
30 days after delivery
1
Construction of public right-of-way improvements
$600K
Monthly invoices for completed work
30 days after request
2
Project improvements
$1.5M Completion and city/ NBEDC approval
After completion milestones - $25M capital investment and certi cate of occupancy
3
SOURCE: CITY OF NEW BRAUNFELS COMMUNITY IMPACT
The Neue
The Neue will be located at 699 W. San Antonio St. in New Braunfels.
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RENDERING COURTESY THE NEUE AND TBA DOUGLAS
Despite being heralded as a catalyst, The Neue is the last project listed in the Downtown Tax Increment Reinvestment Zone, or TIRZ, to be completed, according to the city. The Downtown TIRZ was formed in 2021 to capture 85% of sales tax in an area encompassing downtown New Braunfels to help fund walkability and connec- tivity projects, according to the city’s website.
The details The Neue will act as a catalyst for future proj- ects in downtown, which city o cials hope will kick-start further redevelopment of the area. “This is a rst in the market for us, and we think it will be the rst of many and a true public-private partnership to move forward successful redevelopment in our downtown,” Matney said.
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