What to Do? 1.2 Acre Property in Austin, Texas (Crestview)

[Ryan Walker]

I have recently acquired 3 neighboring lots in a highly desirable area of Austin Texas. Total these lots equal roughly 1.2 Acres and can be subdivided into 6 lots, of which each can have 2 units (House and ADU or Duplex). Under current zoning I am able to build 12 total units on this property. Austin is currently in the process of overhauling their building Code (CodeNext) and under the current proposal I would be able to build 3 units per lot. I have listed below what I believe my options are and I am interested to hear what people familiar with building in Austin think the best way forward is and why.

Option 1:  Move Forward with re-subdivision and build 12 units

Option 2:  Combine lots and Attempt rezoning to build Apartment Complex, Condos etc.

Option 3:  Wait to see what shakes out with CodeNext to see if I can build 18 units

Option 4:  Sell the property as is

[Jon Klaus]

I hit post too early, on my mobile.

Do you have a civil engineer lined up?  That would probably be your number one resource for options number one and number two. 

I don’t think I would wait for Cude Next.   Maybe choose one of the other options, and Code Next could change your direction, but it is still vaporware this point. 

 I am working on option two on a property on the east side right now.  I bought the property in November 2013, and it took 2 1/2 years to get zoning changed.    Then it took another year and a half to get the building permits, which I just got this week.    So far, it looks like the numbers support waiting that long, but that’s largely because the market has continued to move up through the holding period.