This project appears to be alive. Check out the "news" section of the website. It sounds like they've started on Phase 1 and 2. Anyone have more information on this? Are there enough non-tourists in New Braunfels to fill this development?
http://www.towncreektexas.com/
EDIT: Construction has begun on the initial phase:
"
Construction already has begun on the initial phases of Town Creek, which sits in an oddly vacant space in between Landa Street and Walnut Avenue, bordered by the Dry Comal Creek.
Its plans include residential and possible commercial properties, all linked by new connections from Fredericksburg Road to Walnut and Academy Avenue"
SOURCE:
http://herald-zeitung.com/story.lass...c76921296ef38f