🤖 Atlas Notes
FM 812 is under contract in the Austin ETJ. Mixed-use MF + Retail concept. Austin ETJ provides more flexible entitlement path than City of Austin. Watch city annexation risk as Austin ETJ has been shifting. This is a BBM project — Craig Biggar involved.
🏘️ Lennar / Millrose — Key Utility De-Risk: Lennar is actively building homes on the tract immediately behind our site. The land is held by Millrose Properties — Lennar's subsidiary that holds land and does horizontal development work before handing off to Lennar for homebuilding. Lennar is responsible for bringing water and wastewater infrastructure near our site, which meaningfully de-risks our utility situation and could reduce our infrastructure costs substantially.
🏘️ Lennar / Millrose — Key Utility De-Risk: Lennar is actively building homes on the tract immediately behind our site. The land is held by Millrose Properties — Lennar's subsidiary that holds land and does horizontal development work before handing off to Lennar for homebuilding. Lennar is responsible for bringing water and wastewater infrastructure near our site, which meaningfully de-risks our utility situation and could reduce our infrastructure costs substantially.
📋 Craig's Action Items
⚪ Pending
Review due diligence materials — engineering and title
Ongoing
⚪ Pending
Coordinate with civil engineer on concept plan
TBD
📍 Project Stage
✅ Contract
→
📍 Due Diligence
→
Entitlement
→
Financing
→
Construction
⚡ Action Items
🤖 March 30, 2026
| Action | Owner | Due | Status |
|---|---|---|---|
| Complete due diligence — survey, title, environmental | John / Craig | Ongoing | 🟡 In Progress |
| Concept plan for MF + Retail layout | John / Craig / Engineer | TBD | ⚪ Pending |
💰 Costs & Expenses
🤖 March 30, 2026
| Category | Item | Budget | Actual | Notes |
|---|---|---|---|---|
| Land | FM 812 Acquisition | See tracker | See tracker | Under contract |
| Engineering | Civil / Concept Plan | See tracker | See tracker | In progress |
| Legal | PSA / Title / Legal | See tracker | See tracker | In progress |
| Hard Costs | MF Construction | TBD | $0 | Post-entitlement |
| Hard Costs | Retail Pad Construction | TBD | $0 | Post-entitlement |
| TOTAL | See Cost Tracker spreadsheet | |||
💡 Full cost detail in the FM 812 Cost Tracker spreadsheet.
📁 FM 812 Project Files
🤖 March 30, 2026
FM 812 Project Tracker
BBM · Excel · OneDrive — master tracker
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
FM 812 Cost Tracker
BBM · Excel · OneDrive — budget & actuals
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
📅 Project Timeline
🤖 March 30, 2026
TBD
Concept Plan Completion UPCOMING
MF + Retail layout finalized with civil engineer.
TBD
Entitlement / Permitting UPCOMING
Austin ETJ permitting for multifamily and retail pads.
TBD
Financing / Equity Raise UPCOMING
Construction financing and equity structuring.
TBD
Construction Start UPCOMING
MF + Retail pad construction begins.
Past Events
2025–2026
PSA Executed — Under Contract DONE
FM 812 under contract. BBM 2025, LLC buyer. Due diligence in progress.
2025
Deal Identified DONE
FM 812 identified as MF + Retail development opportunity in Austin ETJ.
💰 Deal Economics — GP/LP
🤖 Pending info needed
📋 Action Item: Provide Deal Economics Info to Build This Section
Atlas needs the following to build the full GP/LP waterfall analysis for this project:
- LTV% on land loan
- LP preferred return %
- GP/LP promote split
- GP equity %
- Land use plan (MF + retail breakdown)
- Target lot/pad sale pricing
- Estimated soft costs / dev timeline
📱 Trigger: Send Atlas the info via Telegram and I'll build the full analysis immediately.
👥 Key Contacts
Craig Biggar
BBM 2025, LLC · Partner
Due diligence & project oversight
Kent McNeil
BBM 2025, LLC · Partner
Deal structuring & financing