On Sept. 15, the New Braunfels Economic Development Corp., or NBEDC, considered a five-year extension for performance deadlines outlined in the Co-Op Marketplace development incentive agreement.
What you need to know: The $4.5 million incentive agreement, approved by City Council in 2024, outlines public improvement requirements that need to be completed by Dec. 31, 2026, according to agenda documents.
Sponsors of The Co-Op Marketplace project requested the five-year extension due to rising capital and construction costs, tenancy and project redesigns. If the extension is approved, improvements would have to be completed by Dec. 31, 2031, according to agenda documents.
Some background: The 2.46-acre property at 210 S. Castell Ave. became the Producer's Co-Op Feed & Supply in 1945. New owners purchased the site in 2021 and announced plans to rehabilitate the historic buildings into a mixed-use development for 20-30 retail and food vendors, according to agenda documents.
One more thing: The item was for discussion only, but it will be brought back for consideration at a future meeting, Jewell said.