A roughly $32 million residential development is soon to break ground in walking distance to beloved country music venue Gruene Hall in New Braunfels.
MNO Partners, a development firm with members based in San Antonio and Austin, expects to begin construction of apartments and townhomes early next year on about 10 acres at the northwest corner of East Common Street and Old FM 306 in New Braunfels.
"We knew New Braunfels was growing, and growing fast," said David Morin of MNO Partners. "We are attracted to any place that we can make more walkable. We think that is a missing ingredient in some of the Sun Belt markets."
The majority of the units — about 60% — will be one-bedroom, with the remainder being mostly two-bedrooms, along with a few three-bedroom units. In addition, the development will include 41 two-story, two-bedroom townhomes with fenced yards.
"They look and feel like homes," Morin said of the townhomes.
Amenities will include a swimming pool, co-working space, dog park, spin room, yoga studio and fitness room.
MNO Partners is in talks with an equity partner on the deal, Morin said, but he declined to disclose the partner.
MNO Partners previously attempted to build a collection of 24 townhomes in San Antonio's River Road neighborhood, but abandoned the project in February after years of neighborhood opposition.
The New Braunfels project has been well-received by the surrounding community, having gained the support of two neighborhood associations.
The number of opposition letters dropped from 40 to 13 over the course of the zoning approval process, Morin said, with the townhome component and pedestrian access to Gruene Hall being direct responses to local feedback.
The project will have a privacy wall on the property line separating it from the Gruene Vineyard and Cypress Rapids neighborhoods, another request from homeowner groups.
"We are being true to our word, respecting the neighborhood," Morin said.