Creek Canyon Eyes 2009 Start on $120M MXD

NEW BRAUNFELS, TX-Unanimous approval from city council has paved the way for development of the 150-acre, mixed-use Estates at Stone Crossing. Developer Creek Canyon Estates LLC of Austin will begin work on the $120-million project in March 2009, with a five-year build-out anticipated.

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.