The Challenge
Austin Economic Development Corporation sought experts to provide guidance on the redevelopment of two city-owned blocks in the East Austin neighborhood of Six Square. Hayat Brown has been tasked with assessing the feasibility of various development schemes that incorporate the needs of the community, honor the area’s history as an African-American cultural center promote equitable redevelopment projects.
Our Approach
Market Analysis
Our team performed a market analysis of both sites, with a focus on demographic shifts, competitive supply and demand data relevant to determine the best products (market rate and affordable multifamily, office, cultural and retail) that will also benefit to the community. The analysis also specifically focused on the supply and demand of cultural venues, such as performance, recording studio and artist studio spaces. The results have guided the selection of viable uses and offered critical assumptions for feasibility modeling.
Development Scenarios
Alongside design and engineering partners, our team has devised a variety of mixed-use development scenarios ranging from low-density commercial uses to high-density residential structures with a variety of affordability levels. In all cases, the sites are anchored by culturally-focused uses.
Feasibility Study
Our team drafted development budgets and operating pro-formas for each development scenario to determine its financial viability, as well as the required financial and community benefit tradeoffs. These scenarios inform a developer solicitation, offering guidance regarding the desired uses and density of interest.
Developer Procurement
Our team will support the drafting of a developer solicitation that clearly outlines the required and desired financial and deal-structure parameters, team qualifications and public benefits.
