New Braunfels shopping center to start rising
Web Posted: 07/26/2007 10:38 PM CDT
http://www.mysanantonio.com/business...Z.32d135d.html
Anastasia Ustinova
Express-News
NEW BRAUNFELS — Construction of a new shopping center partially funded by a major tax break is expected to start next week, developers told city and county officials Thursday.
The Creekside shopping center planned at FM 306 and Interstate 35 will include more than 1 million square feet of retail and residential space, restaurants, a medical center, a movie theater and a hotel.
The developers hope to complete the first phase of construction, which would bring retailers such as Target and JCPenney, by the end of 2008.
Jim Ray, president of Texas Commercial Investments, said the developers are negotiating with other anchor tenants. He said he expects the center to become "an upscale retail destination for San Antonio and Austin."
The development is funded through a Tax Increment Reinvestment Zone, which will raise about $26 million to help fix drainage problems, extend roads and pay for other amenities needed in the area. Both the City Council and county commissioners approved the pact.
Under the agreement, developers NewQuest Properties and Texas Commercial Investments will pay upfront for the infrastructure improvements and will then get back about 85 percent of the property and sales taxes generated by the development.
"This kind of economical development benefits homeowners and prevents us from raising taxes," said Comal County Judge Danny Scheel.
The agreement also will push the planned development of the H-E-B shopping center on the other side of I-35, which has been delayed because of the drainage problem around the 414-acre Creekside site.
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