| A
few years ago, an investor client of ours approached
us about developing a townhouse product on a few acres
he’d acquired on Annalue Drive in Auburn, Alabama.
This was an ideal location for such a product, but
when we attempted to re-zone the site, the neighbors,
all of whom were single family homeowners, objected
and the project was set aside. Then in 2000 an adjoining
parcel became available and our client encouraged
us to purchase it, joint venture with him, and try
the rezoning again—this time for both parcels.
Again, we had the same result.
Yet
this was such a good location, we decided to work
with a local realtor to assist us in developing
a product that would be acceptable to the neighborhood
as well as highly marketable. She suggested that
this extremely well-located site, close to shopping,
jobs, and traffic corridors, would be an excellent
site for a performance subdivision—small lots—with
homes of about 1,600 square feet, interiors with
high ceilings, open designs, with double car garages,
selling for under $100/sq. ft.
We
were able to gain approval for a 31-lot subdivision,
known as “Kalypso,” and from the time
we completed the first home to the closing on the
last home was just 18 months. Our success was due
to several factors: this excellent in-fill location;
a design and price point that addressed the greatest
demand in the Auburn market; and a very professional
and energetic realtor.
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