The first phase to go vertical on the land along Loop 377 and near Interstate 35 will be a multifamily project developed by Larry Peel Co. of Austin. The project will be on 25 acres, consisting of condominium rentals. The exact number of units is still up in the air.

John Fenley, senior managing partner with Creek Canyon Estates, tells GlobeSt.com that Creek Canyon Estates will move ahead with additional infrastructure and road development on the land once Peel closes on the acreage in early 2009. Fenley says the next phase will consist of lot developments on 82 acres for single-family housing, but the market will dictate when that will happen. The plan also calls for five acres of office and retail space and 35 acres for open space and greenbelt.

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

Fenley says he and senior managing partner David Stoessell saw many possibilities when they bought the land in 2006. "We saw Austin becoming an overheated market from the sense that land prices were becoming too high and over competitive in the sense that sellers were dictating terms that were not being conducive to do due diligence," Fenley says.

The positive aspect of New Braunfels is that it's a smaller town located between Austin and San Antonio in an area offering an ideal quality of life. "As families are looking to make decisions in the years ahead as to where to locate, New Braunfels has that small-town feel, historical atmosphere, quality school districts and numerous recreational activities," Fenley says. "It should lend itself to a lot of growth."