A directed study in real estate feasibility




Hudgens, John Daniel

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[This report] was undertaken to explore the process of resolving some of the difficulties often encountered in real estate development. A complete feasibility analysis, as defined in the second chapter, will not be attempted--emphasis will be focused on the examination and resolution of a finite set of problems associated with a specific property as outlined by the administrator of the owning partnership, Mr. Gary Brown. The subject property is located in the southwestern portion of Williamson County, Texas, near the northeast corner of the intersection of Highway 183, running southeast to northwest, and Highway 620, running southwest to northeast. The property can be described as 10.0 acres of land out of and a part of the Rachel Saul Survey, Abstract No. 351. The location of the property and the specific boundaries are illustrated on maps labeled Exhibits A, B, and C. The neighborhood is not distinctly defined at present, being characterized by scattered subdivisions. To the north of the site lies [...] the small town of Cedar Park. To the south are the Pecan Park and Anderson Mill subdivisions along with several other subdivisions nearer Austin. The City of Round Rock lies six miles to the east, and to the west is a considerable amount of vacant land, along with the Shenandoah subdivision and Lake Travis. The objectives of this study, as they relate to the subject property, set forth by Mr. Brown are as follows: I. Examine the implications of the Austin/Cedar Park controversy for the subject property; work toward a timely resolution of the conflict. II. Identify available sources of sewer service and their related costs of acquisition. III. Examine the availability of water and natural gas utilities and outline the procedure for their acquisition. IV. Discover any and all problems associated with a subdivision of the property. V. Determine whether any public authorities have contemplated condemnation procedures that would affect the subject property, and if so, determine times, amount, and cost/benefit. In addition to these objectives the purposes of the owning partnership were considered quite relevant and thus influenced the data collection and preparation of this report. These purposes as set forth under the limited partnership agreement are as follows: (a) to acquire the real property lying and situated in Williamson Co., Tex. described in . . . ; (b) to own, hold, manage and lease such property (real, personal or mixed), and furnish services and goods to the tenants or other occupants thereof; (c) to sell, exchange, or otherwise dispose of all or any part of such property (real, personal or mixed) when the General Partners determine that such disposition is in the interest of the Partnership; and (d) in general, to make any investments or expenditures and to take any and all action which is incidental or reasonably related to any of the specific purposes recited above or the powers related . . . hereinbelow