1101East | ±30.26 AC Development Site in New Braunfels, TX
1101East | ±30.26 AC Development Site in New Braunfels, TX
Marketing description
Jones Lang LaSalle Capital Markets Group (“JLL”) is pleased to offer the exclusive opportunity to purchase the 1101 East multifamily development site located at 2670 FM 1101 in New Braunfels, Texas. The Site is an approximately ±30.26-acre development site (the “Property” or “Site”) located within the rapidly growing Austin–San Antonio corridor along Interstate 35 (I-35). Positioned less than a mile from I-35 and around 10 minutes from downtown New Braunfels, the Site is located on the quickly growing northeast side of New Braunfels, within a city experiencing rapid growth overall. The Site is fully approved for a two-phase multifamily development, with additional flexibility for flex industrial or retail uses under current zoning. The Site is zoned MU-B AH AL or “High Intensity Mixed Use District” within the City of New Braunfels. The Site has been planned for 376 multifamily units within each of the two phases along the FM 1101 corridor. Significant work has been completed to advance entitlements and position the site for immediate development. The corridor is anchored by major employers and developments including, but not limited to, the Resolute Baptist Hospital, Freiheit Village, Avenues at Creekside, and the existing Walmart and Sam’s Club Distribution Center. The Site is minutes from the area’s top retail and entertainment destinations, including New Braunfels Town Center at Creekside, Gruene Hall, and the San Marcos Premium Outlets.
Investment highlights
AREA DEMAND DRIVERS ON IDEAL DEVELOPMENT SITE
Property is already outfitted with utility access with grandfathered NBU 2010 impact fees that are $2,481.15 per Living Unit Equivalent (LUE; water and wastewater). This is a substantial advantage in comparison to other sites that do not have direct access to utilities and are held to the increased impact fee schedules of $25,692 or greater. This results in direct savings of over $23,000 per LUE.
The Property is currently zoned MU-B AH AL or High Intensity Mixed Use District within the New Braunfels zoning code allowing multifamily, flex industrial, and retail development by right.
The Site is less than one mile to the west and a two-minute drive to New Braunfels Town Center at Creekside, a 1 million SF retail power center with tenants such as Target, Dick’s Sporting Goods, Best Buy, CVS Pharmacy, EVO Cinemas, Top Golf, and Starbucks.
Additionally, the Site is currently vested from water quality since it was platted prior to the City of New Braunfels’s water quality ordinance.
STRONG COUNTY FUNDAMENTALS
Guadalupe County and Comal County are both projected for a heavy population increase at 59.81% and 44.23% respectively from 2014 to 2030.
City of New Braunfels officials think that all of the developable land within city limits will be utilized by 2035, leaving no zoned raw land in the City of New Braunfels.
Across all property types, New Braunfels has added nearly 4M SF of new construction over the last decade.
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