What Changed Since Yesterday
3 things shifted. Thaxton title objection scope clarified. FM 812 utility picture improved. New email from Puckette with call confirmed.
3 NEW
2 CHANGED
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Heather Puckette confirmed the call for Friday April 3 at 10:30am CT via Zoom (Meeting ID: 870 3990 9753). She acknowledged she'll reach out to both Heritage Title and Seller's counsel (Josh Brown) on the PSA dates and TMA issues. John replied "That works — thanks."
What she still needs from you before that call: a written summary of BBM's development plans + how the TMA impacts them. Atlas has a draft ready — you just need to confirm the program and approve it.
Atlas pulled and analyzed the Wong Tract SERs (approved April 2025). Key finding: Lennar is building a 16-inch water main along FM 812 and a 24-inch wastewater interceptor (4× the minimum size they need) running along FM 973/FM 812 directly toward or adjacent to the BBM site. The interceptor has a 1,650 GPM lift station — 3× excess capacity.
This infrastructure is being sized as a regional trunk line. The original concern in the SIR analysis was $2–6M+ in utility extension costs. If Lennar's trunk passes within tapping distance of the BBM property boundary, that cost may collapse to a tap + service line — dramatically improving FM 812 economics.
This is the #1 question to ask Mahoney today: "How close does this infrastructure pass to our boundary, and can we tap directly into it?"
In the email chain March 31, John told Craig and the Kutak Rock team "we do not need to review title objection" — meaning BBM is not going to issue a title objection letter for the routine title matters. However, Heather Puckette is still drafting a letter for the TMA/traffic-related objections (due April 2). Kent flagged the April 2 deadline, Craig confirmed it's standard, attorneys are handling it.
Status: on track. No action needed from John today on this specific item — just confirm Puckette is still proceeding for April 2.
Andy sent his detailed Mayfair project budget + pro forma/deal overview to Jeff and Cade (Novak side) for review last night. He noted they'll continue working the budget to drive yield and have "levers to pull as we move towards construction start."
Separately, Mayfair JV execution is still blocked on Exhibit E from Novak (lien disclosures). Chase Waters at Kutak Rock is standing by. This budget share may prompt Novak to move.
Decisions & Actions Required — From You
5 items need John. 2 are time-sensitive this week. 3 can wait but shouldn't.
2 URGENT
3 THIS WEEK
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Bobak Tehrany (BOE Services, your traffic engineer) reviewed the Thaxton TMA and CP4. He texted you that he has answers and is ready. You haven't scheduled the call yet. His input — specifically the TIA cost estimate and his read on the driveway feasibility — is the single most important piece of information you need before the Puckette call Friday.
Without Bobak's numbers, you can't tell Puckette what the TIA redo costs, which is the foundation of the whole TMA renegotiation argument.
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The PSA requires an ALTA survey within 60 days of the February 3 effective date — that's approximately April 4. Heather Puckette's PSA date confirmation email calculates April 2 as the Title & Survey Objection Letter deadline (based on survey received March 19). The survey has been received, but Atlas has no confirmation that the ALTA survey is engaged/underway. If it's not, there's a potential PSA compliance issue.
Heather Puckette asked for a written summary of BBM's development plans and how the TMA impacts them. Atlas drafted a detailed response covering: the development program, why the existing TIA's driveway configuration doesn't work (600ft from corner), the TIA redo requirement, the $400K+ mitigation surprise, and what changes BBM needs. The draft is ready — it just needs your sign-off on two things: (1) the development program description, and (2) tone (currently direct/assertive).
Craig Biggar has recommended terminating the CLD Realty listing agreement for Thaxton. Kent agrees. Their reasoning: it's only 6 months with a 6-month extension option, BBM owes 6% if a deal closes within that window regardless, and they don't feel like Thaxton is CLD's top priority — "it's just an open site." Kent suggested telling CLD to focus on finding a single buyer rather than broad marketing. Craig's alternative: just terminate and circle back when Slaughter is closer to build-out.
This decision should be made before you exercise the April 29 extension, since you'd be extending while still paying broker costs.
All 14 highlight clips are done, uploaded, and shared with Hallie. The SportsRecruits profile (iwlca.sportsrecruits.com/athlete/hallie_burns) exists publicly but Atlas couldn't log in — neither hallieburns2020@gmail.com nor hallieburns@icloud.com matched an account. Need to know what email she used to create the profile.
Today's Meetings — Full Prep Context
2 events. Mahoney at 2pm is the key one — 7 specific questions to get through. Full brief attached.
2 TODAY
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Administrative — no prep needed.
Who: Tyler Boykin (PM, both sites) + Daniel Mahoney (Principal) + Carly Fulgham
Context: Tyler just delivered the FM 812 SIR. He's also finishing the Thaxton SIR. CP5 is due end of week. This meeting covers both sites simultaneously.
What you need out of this meeting:
- TIA cost range + timeline (Thaxton) — needed for Friday Puckette call
- Lennar utility infrastructure proximity to FM 812 site — changes the economics
- TxDOT ROW answer on FM 812 — still open, potentially deal-critical
- CP5 confirmed on track for end of week with all Sean Murphy items addressed
- Ask: can Bobak Tehrany join this call or schedule 30 min with him today/tomorrow?
Project Status — What's Happening on Each Deal
Thaxton: Yellow — TIA cost unknown, extension decision April 29. FM 812: Yellow — TxDOT ROW open. Kohlenberg: Green — pro forma delivered, call done. Mayfair: Yellow — JV blocked on Exhibit E.
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Where things stand: Under contract at $6.5M (BBM 2025, LLC). Feasibility expires May 4. Must give extension notice by April 29 with $10K fee. Survey received March 19. Title & Survey Objection Letter due April 2 — Heather Puckette drafting.
The core issue: The TMA (Traffic Mitigation and Construction Agreement) requires $400K+ in contributions that weren't disclosed pre-contract. The existing TIA (Oct 2021, LJA) has only 2 driveways — one on Thaxton at 600ft from the corner (too far for QSR) and one on Slaughter. CP5 will show multiple QSR lots with drive-through requirements that don't work with the current TIA.
What's in progress: Mahoney finishing CP5 (end of week). Kutak Rock engaging Seller's counsel (Josh Brown) on TMA issues. Bobak Tehrany (BOE) reviewed TMA and has TIA guidance ready.
Key unknowns: TIA redo cost + timeline. Whether $400K TMA can be renegotiated. Whether seller will budge.
Where things stand: 20.18-acre tract, Austin ETJ. Mahoney delivered SIR last night. SERs for water + wastewater — Craig met with Vic & Son (owner) and they signed and notarized. Austin Water is the utility provider.
Big change: Lennar/Wong Tract SERs show 16" water main + 24" wastewater interceptor (4× oversized as regional trunk) being built along FM 812 adjacent to the site. This likely eliminates the $2–6M utility extension cost Atlas estimated yesterday.
Still open: TxDOT ROW — Mahoney has open questions, no response yet from TxDOT PM. If TxDOT is acquiring ROW along FM 812, it could clip the site's frontage or access. This is the single biggest remaining unknown.
Where things stand: Deal call with Gisslers (Brett, Bryce) + Jeff Hopkins (Edge RE) completed March 31. Pro forma and waterfall delivered — Kent called it "great, should get Chris excited." Brett sent a 3-D Google concept plan showing the site; John suggested greying out the lot and color-coding by use type, Brett said easy and will update.
Chris: Brett texted Chris suggesting a call this week and will follow up. Chris appears to be a potential LP. Kent confirmed parcel ID 71705, coordinates 29.7433/-98.05805, ~30-acre hard-corner tract.
Next step: Investment memo not yet built. CC Jeff Hopkins (jhopkins@edge-re.com) on all Kohlenberg correspondence going forward (per Brett's instruction).
Where things stand: NRP/Novak JV deal. JV Agreement v6 is ready on BBM/JAK side. Chase Waters (Kutak Rock) standing by to execute. One item blocking: Exhibit E from Novak (lien disclosures). Andy sent Novak his detailed budget + pro forma last night — this may prompt movement.
Active diligence tracker is in OneDrive. Andy is managing day-to-day with JAK team.
Lot 1 (Belmont): Closed Feb 24, 2026. Sold to NRP. Done.
Lot 3 (Preakness): Under contract to NRP with $50K deposit (9th Amendment, March 10). Closing pending. NRP breaking ground Q3 2026.
Lot 2 + Lot 4: Sean Murphy (CLD) marketing. Suds countered at $27/psf with up to 275' depth — Kent said they can probably live with that.
Wire recall: McKenna Schreiber (South State Bank) handling a $100K wire recall — beneficiary bank acknowledged receipt, awaiting response.
Key Emails — What Came In & What It Means
4 emails worth knowing about. Puckette confirmed Friday call. Tyler delivered FM 812 SIR. Andy sent Mayfair budget. Craig/Kent resolved on title objection process.
4 KEY
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Week Ahead — Key Dates & What's Coming
Friday is the busiest day — Puckette call + CP5 due + ALTA survey deadline. April 29 is the Thaxton extension decision.
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Today, Apr 1: TSA Precheck 1:20pm · Mahoney Engineering 2pm (FM 812 + Thaxton)
Apr 2 (tomorrow): Title & Survey Objection Letter due — Heather Puckette filing. Confirm it's happening.
Apr 3 (Friday): Call with Heather Puckette 10:30am CT re: TMA summary. CP5 due from Mahoney Engineering. ALTA survey due (~60 days from Feb 3 = April 4).
Apr 4 (Saturday): ALTA survey deadline.
Apr 17: Seller's deadline to cure title objections (Thaxton).
Apr 29: Extension notice #1 deadline — must give written notice to Seller ≥5 days before May 4. This is the Thaxton extension decision point.
May 1: $10,000 extension fee due to Seller (within 3 days of notice).
May 4: Thaxton feasibility period expires.
FYI & Background — Lower Priority, Good to Know
Kohlenberg concept plan feedback given. Suds counter offer status. Wire recall update. Slaughter sign issue.
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Brett Gissler sent a KMZ 3-D Google Earth concept plan for Kohlenberg. John liked it but asked Brett to: (1) grey out the lot area so it's cleaner, (2) color-code buildings by use type with a legend, OR number them to correspond with the land use plan table. Brett said "easy" and will distribute the update. Kent and Craig both said it looks good.
Sean Murphy relayed Suds's position: maxing out at $27/psf, want the right to go up to 275' depth (won't know exact depth until they lay out the site). Sean mentioned 275' may be too deep. Kent said "we can probably live with 275 if they need it." John and Kent were going to discuss in the morning of March 31 — no update on outcome.
McKenna Schreiber confirmed the beneficiary bank (Wells Fargo) acknowledged receipt of the recall and will respond. No further update. Still pending resolution. Not urgent today — just monitor.
All 14 individual clips with glow circle overlay + master compilation with Austin High Maroons title card are uploaded to Google Drive and shared with hallieburns2020@gmail.com. CapCut instructions drafted for Hallie to add her own circle overlays going forward. SportsRecruits upload pending account email confirmation.