NBU previously selected developers to turn the Main Plaza property into a German-inspired hotel, bar and restaurant called 'the Mainzer.'
New Braunfels Utilities has killed a deal to sell its headquarters to a developer, and is instead looking to sell the Main Plaza property to the utility’s owner, the city, for $4.5 million. Trustees voted recently to terminate a 2022 agreement with Seals Family Properties for the purchase and development of 263 Main Plaza , and to reject all proposals related to the property. The company planned to turn the site into a 71-room hotel.
Developer behind 155-acre project along Guadalupe River in New Braunfels files for bankruptcy The utility chose “Team Mainzer,” a group comprised of Seals Family Properties, Kingham Dalton Wilson and Gillum Development, and signed a memorandum of understanding in 2022. Their project, the Mainzer, was pitched as a “boutique hotel, bar, restaurant and 'social garden' inspired by German architecture and history.
Satellite data shows quickest developing areas in the Texas Hill Country, I-35 corridor Instead, the utility is planning to sell the property to the city. A second action item on the agenda asked trustees to approve transferring it for a total price of $4.55 million, to be paid in installments over several years. Under the proposal, which trustees also approved, the city would pay $500,000 at the time of the transfer, $500,000 each on Oct. 1 of 2024, 2025 and 2026 and the remaining $2.
Seals Family Properties City Council Gillum Development Economic Development Corporation Team Mainzer Gary Seals Kingham Dalton Wilson Main Plaza Seals Family Properties 263 Main Plaza Main Plaza And Service Center Engel Road Interstate 35 New Braunfels German Guadalupe River Texas Hill Country
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