Cohousing-L Mailing List: Site in urban Austin under contract

[Becky Weaver (becky_weaver]

After years of work, Central Austin Cohousing is entering into site 
feasibility! On April 8 we entered into a contract to purchase a 
property we call “Midtown.” The 2-acre site near Koenig and Lamar is 
currently the home of the Newport Central Townhomes, which we will 
renovate to create the first cohousing community in urban Austin 
(possibly the first in Texas). We need a down payment of up to $340,000 
by July 7 to secure the property.

We're beginning the feasibility stage--doing an extensive inspection, 
evaluating renovation strategies for both the buildings and the 
surrounding landscaping, and launching a marketing campaign to attract 
the next group of members. We currently have seven full member 
households out of an eventual thirty-six.

For those of you who have been watching our progress over the past few 
years, now would be an excellent time to join us. This could be as 
either a Full Member or as an Investor. Because we anticipate needing 
funds in addition to the $90,000 we have already invested in this 
endeavor, we are actively looking for members, inside or outside 
investors and loan guarantors.

Ideally we're first looking for investors who are currently living in 
cohousing, or want to support the creation of community-based housing 
solutions. We're primarily asking for personal introductions from 
people who know potential investors.

We'll be creating a detailed business plan after we compile sufficient 
information from our feasibility study. The business plan will contain 
details of project scope, our schedule, and budget so that an investor 
will be able to evaluate it purely from a professional business 
perspective.

If you personally are, or know, a potential investor, or you have 
concrete ideas on how to bring credible investors to the table, please 
contact us. We have the vehicle to finally bring urban cohousing to 
Texas. From both a cohousing and a developer's perspective this project 
is credible, and as long as we can bring in the funding in this time 
frame, it will happen.

Thanks to everyone who's helped us get where we are today. Please 
contact me at becky_weaver [at] io.com, 512-478-7321, with questions or 
suggestions.

Sincerely,

Becky Weaver
Central Austin Cohousing

www.austincohousing.org