One of the largest projects in Central Texas is approved and may be in the ground before the end of the year. ASA Properties and the family owners of Word-Borchers Ranch are teaming up to develop Veramendi--2,400 acres in New Braunfels--into the first true master-planned community in the I-35 Corridor.
QuickRorschach: Is the Veramendi rendering a man with a big nose or Pac-Man facing left?We snapped Legacy CRE principals Mike Ybarra and Cory Elrod bookending ASA Properties VP Tiffany Lacey and Craig Real Estate owner Craig Hall. A massive project in a rapidly growing area, it could increase New Braunfels by 30%. The Word-Borchers Family has owned this land since 1941 and wanted to leave a legacy by turning it into something the area has never seen before. ASA, an Australian developer, wanted its first US project to be in Central Texas because of similarities between the areas (climate, economy, boom from natural resources, and a pioneer spirit). Its team ran into Craig at Rudy's BBQ (where all deals should begin) and he led them to the site.
The project will include nearly 6,000 homes (up to 1,000 multifamily and student housing units), a 30-acre mixed-use town center, 80 acres of retail along the Loop, 480 acres of public green space (including a hike and bike trail), a resort hotel along the Guadalupe River,a university,and New Braunfels ISD is discussing putting in two elementary schools. Howard Payne University is acquiring a 50-acre parcel, which is particularly exciting for New Braunfelsits tried to get a university for the last decade. HPU is aiming for a 2016 groundbreaking and will build in phases. (And by 2017 it'll be a Cinderella in the NCAA Tournament.)
We're told this is a pic of the project's Guadalupe River frontage, but we're pretty sure it's just a screenshot from Fern Gully. Tiffany tells us residential off of Loop 337 will be built first, and next is medical (Christus Santa Rosa purchased 50 acres) and retail development. Mike, Cory--both New Braunfels natives--and Craig are representing ASA in leasing and marketing. They tell us the project is six years in the making and will probably be built over the next 20 to 25 years.
