In a recent government meeting, the New Braunfels Economic Development Corporation (EDC) presented an update on the feasibility analysis for a 16-acre property located at Common Street and Green Road. The property, originally acquired for a significant business expansion that was ultimately stalled due to corporate changes and the COVID-19 pandemic, has remained undeveloped since its acquisition.

Economic and Community Development Director Jeff Jewell outlined the EDC's proactive approach to reimagining the property's potential, emphasizing the need for a vision grounded in economic realities. To assist in this endeavor, the EDC engaged Economic and Planning Systems (EPS), a firm with extensive experience in property development strategies.

EPS conducted a comprehensive analysis, including interviews with council members and local brokers, to assess market conditions and identify potential development scenarios. Three primary frameworks emerged from their findings:

1. **Visitation Scenario**: This mixed-use development would focus on establishing a convention center and a boutique hotel, aimed at boosting tourism and business travel in the area. The plan highlights the importance of integrating green spaces and amenities to enhance visitor experiences.

2. **Creative Scenario**: This ambitious proposal envisions a film and television production studio complemented by a boutique hotel. This concept seeks to capitalize on the growing demand for film studio space in Texas, fostering artistic collaboration and supporting the local tourism sector.

3. **Local Focus Scenario**: This option aims to develop medical office buildings to meet the burgeoning demand in the area, potentially coupled with residential housing. This scenario is seen as the least risky due to the established market for medical services nearby.

The EDC plans to move forward with a detailed feasibility study to evaluate the financial viability of these proposed uses and determine any necessary incentives for development. The total budget for this next phase is set at $60,000, with a net increase of $45,000 approved by the EDC following a previous hold on expenditures.

The council is expected to consider these proposals in an upcoming meeting, marking a significant step towards revitalizing the property and aligning it with broader economic and community development goals.