Roughly 2,400 acres of land along Loop 337 just northwest of New Braunfels could become the site of the Veramendi master planned community.
The project would be for mixed-use development to include up to 6,000 living units, schools, businesses and health care facilities.
Howard Payne University also has plans to develop a satellite campus on the site.
Although the project site is outside city limits, the New Braunfels City Council must approve the development before construction can begin in late 2013 because the plan includes a new Water Improvement District.
“The developer is proposing to help create a Water Improvement District to help fund some of the infrastructure improvements necessary to make the development happen,” said Jeff Jewel, Development Coordinator for the City of New Braunfels.
The estimated appraisal value of the project upon completion is $1.5 billion, says Jewel.
ASA Properties, a Texas-based company backed by Australian investors, is the developer on the project. This would be ASA’s first project in the U.S. The company began researching Texas 5 years ago.
“Central Texas is one of the fastest growing regions in the country,” said Tiffany Lacey, Vice President of Design and Approvals for ASA. “Both San Antonio and Austin are identified as boomtowns. And you know the state's economy is driven by natural resources, much like Australia."
On Tuesday, residents will get a chance to have their questions about this development answered during a special meeting held by the City Council.
Some of the issues to be addressed, said Jewel, are “how the development will address its drainage, storm water, water quality, its parks, the amount of debt the district can issue."
An informal open house starts at 5 pm at the New Braunfels Civic and Convention Center where representatives from the developer and city staff will be on hand to answer questions and provide visual displays of the project.
A public meeting will follow at 6 pm.