Evidence of a growing condominium market in Texas is emerging in the Hill Country, with New Braunfels set to receive its first downtown condo project. The development, named The Neue, will be a mixed-use building located at 699 West San Antonio Street. It 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 the council that the project “most likely not moved forward” without this financial support. The incentive package includes a $700,000 reimbursement for public improvements and $1.5 million for the developer after the project receives its certificate of occupancy. The city estimates that over ten years, the project will provide a net benefit of $1.58 million.
The Neue will be four stories tall and replace an existing 18,000-square-foot retail and warehouse building from the 1950s. It will include 43 condo units along with approximately 5,000 square feet of ground-level retail and office space.
New Braunfels is located about 33 miles northeast of San Antonio and has seen rapid population growth since 2000, increasing from 38,000 to more than 100,000 residents.
The launch of The Neue reflects broader trends in Texas’ real estate market as developers respond to rising demand for condominiums—a segment historically less common in Texas compared to cities like New York or Miami.
Other developers are also entering this market across Texas. In Houston’s The Woodlands area, Howard Hughes Holdings is developing what is billed as the state’s first standalone Ritz-Carlton condo building; when construction began on this 111-unit property, nearly 70 percent of units were already pre-sold. Additional branded luxury condo projects have been announced by Satya and Deiso Moss in Houston’s Rice/Military neighborhood and Uptown/Galleria area respectively.
