PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Presentation and discussion on a proposed project expenditure to support on and off-site infrastructure and related costs for construction of the Neue project, a mixed-use condominium project in downtown New Braunfels.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 5
BACKGROUND INFORMATION:
The Neue is a proposed mixed-use project at the corner of Guenther Avenue and W. San Antonio Street. The proposed site was acquired by a related entity in early 2020 and the project has been through several design iterations in the last five years. The project proposed is a four-story building that includes 46 for-sale residences (1 and 2BR units), three professional office spaces and two retail spaces. The estimated total development budget is approximately $27,000,000. The proposed project includes approximately $2,000,000 of on-site infrastructure improvements and off-site public right of way improvements.
ISSUE:
Consideration of a project expenditure to support on and off-site infrastructure and related costs for construction of the Neue project, a mixed-use condominium project in downtown New Braunfels.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
On and off-site improvements are estimated at approximately $2 million. The project will generate approximately $25 million in new incremental value in the Downtown Tax Increment District, as well as additional sales in the retail spaces and office space.
Recommendation
RECOMMENDATION:
N/A