The first phase to go vertical on the land along Loop 377 andnear Interstate 35 will be a multifamily project developed by LarryPeel Co. of Austin. The project will be on 25 acres, consisting ofcondominium rentals. The exact number of units is still up in theair.

|

John Fenley, senior managing partner with Creek Canyon Estates,tells GlobeSt.com that Creek Canyon Estates will move ahead withadditional infrastructure and road development on the land oncePeel closes on the acreage in early 2009. Fenley says the nextphase will consist of lot developments on 82 acres forsingle-family housing, but the market will dictate when that willhappen. The plan also calls for five acres of office and retailspace and 35 acres for open space and greenbelt.

|

"We'll be maintaining the canyons as open green space andplacing hiking trails down to them," Fenley says. "Outside of thelocation, the beauty of the site was very important to us."

|

Fenley says he and senior managing partner David Stoessell sawmany possibilities when they bought the land in 2006. "We sawAustin becoming an overheated market from the sense that landprices were becoming too high and over competitive in the sensethat sellers were dictating terms that were not being conducive todo due diligence," Fenley says.

|

The positive aspect of New Braunfels is that it's a smaller townlocated between Austin and San Antonio in an area offering an idealquality of life. "As families are looking to make decisions in theyears ahead as to where to locate, New Braunfels has thatsmall-town feel, historical atmosphere, quality school districtsand numerous recreational activities," Fenley says. "It should lenditself to a lot of growth."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.