Evidence of a growing condominium market in Texas is now visible in the Hill Country region. New Braunfels will see its first downtown condo development, named The Neue, according to a report from the San Antonio Business Journal. The project is being developed by Gillum Development and Seal Family Properties.
The New Braunfels City Council has approved $2.2 million in sales tax incentives for the project. Deputy City Manager Jordan Matney told council members that the project “most likely not moved forward” without financial support from the city, as reported by the outlet. The incentive package includes a $700,000 reimbursement for public improvements and an additional $1.5 million for the developer after receiving a certificate of occupancy. City officials estimate that over ten years, the development will bring a net benefit of $1.58 million to New Braunfels.
The Neue will be located at 699 West San Antonio Street on a site currently occupied by an 18,000-square-foot retail and warehouse building dating back to the 1950s. Plans call for a four-story structure with 43 condominium units and approximately 5,000 square feet of retail and office space at street level.
New Braunfels is situated about 33 miles northeast of San Antonio and is recognized for its German heritage as well as recreational activities along the Comal and Guadalupe rivers. Like other communities between Austin and San Antonio, New Braunfels has experienced significant population growth since 2000, rising from 38,000 residents to more than 100,000.
The Neue’s development reflects wider trends in Texas’ condo market expansion. Historically, cities like New York and Miami have had more condominiums due to buyer preferences; however, Texas buyers have traditionally favored ranch properties over condos.
In Houston’s real estate sector, developers are also pursuing new condominium projects. Howard Hughes Holdings is building what it calls Texas’ first standalone Ritz-Carlton condo tower in The Woodlands; when construction began on this 111-unit property, nearly seventy percent of units were already pre-sold. Following this announcement, Sunny Bathija’s Satya unveiled plans for a St. Regis-branded condo tower in Houston’s Rice/Military neighborhood while Deiso Moss announced another Ritz-Carlton condo tower with hotel accommodations planned for Uptown/Galleria.
“Deputy City Manager Jordan Matney told council the project ‘most likely not moved forward’ without the boost from the city,” according to reporting by local media.
