The Challenge
In response to rapidly-increasing housing costs for teachers and staff and displacement of long-term residents, Austin Independent School District sought to repurpose two underutilized properties, Anita Coy and Rosedale. These projects are part of a key initiative aimed to reposition former school sites into new community assets that support the community through academic and amenity offerings as well as affordable and workforce housing.
Our Approach
Real Estate Analysis
As the leader of an integrated team, Hayat Brown directed a rigorous assessment of each site, analyzing market and financial data to evaluate development options for the surplus school properties. Our team conducted facility assessments, land use market analyses and zoning analyses, as well as exploring the demand for major asset classes (for-sale and rental housing, retail, office, hospitality and industrial). This assessment aims to identify and prioritize properties that will advance AISD’s mission to transform, educate and shape lives in the Austin community. The Hayat Brown Team will use the assessment to assist Austin in the selection of development, redevelopment or revenue-generating opportunities based on current market conditions. This assessment considers how existing assets are leveraged and will aide in the financial and economic analysis.
Development Scenarios
Alongside design and land use-partners, our team has devised a variety of development scenarios, contemplating renovation and demolition of existing school facilities, as well as a range of housing typologies. In all cases, the sites offer benefits that respond to community feedback.
Financial Feasibility Analysis
Our team evaluated the market and financial feasibility of the proposed real-estate development scenarios, including development budgets and operating pro formas. For each scenario, we offered both market-rate and mixed-income (workforce/affordable/market rate) options, providing AISD with a clear understanding of the financial and community benefit tradeoffs.
Project Execution
Our team will continue to support AISD as it solicits for development teams, structures transactions and negotiates business terms for the proposed public-private partnership projects.
