Muenster Brewery and Artisan Lofts Development Market and Financial Feasibility Study HKS Study Offers New Uses for Historic Texas Cheese Factory
Before completing acquisition of the historic Muenster Cheese Factory on a 4-acre site and following HKS design’s preliminary planning for the site’s development, the client wanted to test the market potential for the proposed mixed-use development. Land uses under consideration were a brewery, a biergarten, retail, residential units and a boutique hotel. The project is located in Muenster, Texas, which is north of Dallas and in the path of development.
The Design Solution
The project is in an emerging real estate market and the Advisory Services practice at HKS completed a study to review the local market context, the size and quality of the resident and tourist markets, the boutique hotel market, and national case studies. Also, interviews with key stakeholders further informed the analysis.
The Design Impact
The HKS study analyzed several factors. It addressed the redevelopment of the site, determined the viable programmatic uses and offered site plan recommendations. The study also forecasted demand and financial performance (return to the investors) by land use and on a rolled-up basis over a 10-year period for multiple approaches to development and ownership (e.g., as a single developer/operator, as a master developer/operator with development partners, and a hybrid model).
Our Advisory team also made recommendations to the client for additional rooms for the boutique hotel and a repositioning of the residential units to townhomes instead of apartments. The client used the Advisory team’s information to move forward to secure the site as well as to seek investors and development partners for the development.