Two letters make a difference.
5521 Springdale
The Catalyst
After finalizing construction on an in-fill project near Mueller in East-Austin, the Intrepid team searched for its next multi-family opportunity.
In canvassing an area “a little farther out”, two missing letters on the property’s for sale sign caught our eye. A mixed-use (-MU) designation was missing from the current zoning for the property. The future land use map of Austin identified the site as planned for mixed-use. We saw something we thought we could solve with the right approach and team.
The Process
Six months after our first indication of interest, the seller chose Intrepid to purchase the property. They had heard Intrepid's enthusiasm for the property, which bordered one of Austin’s largest undeveloped public green spaces, the Little Walnut Creek Greenbelt.
Intrepid assembled a focused team, and over the next 12 months, progressed the property through rezoning. In preparation and throughout the process, we listened and connected with the neighborhood trend and its goals. The neighborhood association, city staff, city council members and sellers witnessed, participated and collaborated on a combined long-term vision which contributed to neighborhood improvement and development.
Key to achieving a favorable outcome were hours spent in thoughtful conversations, and the willingness of neighbors, staff and interested parties to engage in sincere dialogues focused on long-term improvements.
A benefit of the rezoning and pending project became clear. The development of the long-vacant 5521 Springdale would contribute to the implementation of the Little Walnut Creek Greenbelt Master Plan.
The Result
Shortly after zoning was achieved, Intrepid closed on schedule, per contract. A seller achieved a long-term goal of liquidity, which allowed them to quickly relocate their organization.
250 apartment homes are now under construction.
