🤖 Atlas Notes
Feasibility deadline is the #1 priority this week. Dutch Bros is your best Lot 6 target — they move fast. Get the Mahoney answer Tuesday before committing on the extension.
📋 Craig's Action Items
⚪ Pending
Confirm topo / pond constraints on Lot 6 (consult with site knowledge)
This week
📍 Project Stage
✅ Contract
→
📍 Feasibility
→
Entitlement
→
Lot Marketing
→
Pad Closings
⚡ Action Items
🤖 March 30, 2026
🚨 Urgent — Due This Week
Feasibility Extension Decision ($10K)
| Action | Owner | Due | Status |
|---|---|---|---|
| Mahoney Engineering meeting — ask about Lot 6 feasibility | John / Kent | Tue Apr 1 · 2pm | 🟡 Scheduled |
| 7-Eleven LOI follow-up (Sean Murphy) | Kent | This week | 🟡 In Progress |
| Lot 6 small pad decision (Dutch Bros / 7Brew / Chase Bank) | John / Kent | After Mahoney mtg | ⚪ Pending |
| HPI JV term sheet | John | This week | ⚪ Pending |
📋 Project Management
🤖 March 30, 2026
Last Meeting
📅 March 30, 2026 — Maudie's
- Pro forma v3 reviewed — anchored to 7-Eleven LOI at $35/SF
- Lot 6 small pad analysis complete — Dutch Bros, 7Brew viable at 0.3–0.5 ac
- 4 strategic options ranked: 1A sell whole site now, 1B hold & appreciate, 2 subdivide/entitle/sell lots, 3 do horizontal (least preferred)
- Charter Capital (Michael + sister, ~20 daycares Austin) interested in whole site purchase — pursue alongside HPI
- PSA extension plan: extend ~$15K, reach out to seller via attorneys (Heather Kendrick → Josh Brown) re: TIA issues + $400K traffic mitigation surprise
Next Meeting Agenda
📍 Wednesday April 1 — Mahoney Engineering, 2pm CT
• Review CP5 redline feedback Tyler left inline
• Ask: can Mahoney find 0.3–0.5 ac for Lot 6 without compressing Lots 1–3?
• Discuss TIA redo — cost/time for new driveway on Thaxton closer to corner + additional access
• CP5 delivery timeline (Tyler said end of week)
Open Action Items
🗂️ Tracked Items
| Item | Owner | Due |
|---|---|---|
| Mahoney mtg — Lot 6 feasibility answer | John / Kent | Apr 1 |
| Feasibility extension decision (GO/WALK, $10K) | John | ~Apr 14 |
| Charter Capital outreach | John | This week |
| PSA extension — contact Heather Kendrick → Josh Brown | John | This week |
| HPI JV term sheet | John | This week |
💰 Costs & Expenses
🤖 March 30, 2026
| Category | Item | Budget | Actual | Variance |
|---|---|---|---|---|
| Land | Property Purchase | $6,651,333 | $6,651,333 | $0 |
| Engineering | Mahoney Engineering — Concept Plans | $75,000 | $45,000 | -$30,000 |
| Engineering | Topo & Survey | $15,000 | $0 | -$15,000 |
| Legal | PSA / Title | $25,000 | $12,000 | -$13,000 |
| Permits | Feasibility Extension ($10K — PENDING DECISION) | $10,000 | $0 | -$10,000 |
| Contingency | Soft Cost Contingency | $50,000 | $0 | -$50,000 |
| TOTAL | $6,826,333 | $6,708,333 | -$118,000 | |
Budget utilization: 98.3%
💡 Actuals updated manually. Edit via the Cost Tracker spreadsheet.
📋 Last Meeting Recap — March 30, 2026
- Reviewed updated pro forma anchored to 7-Eleven LOI at $35/SF
- Lot 6 small pad analysis completed — Dutch Bros, 7Brew viable at 0.3–0.5 ac
- Atlas to ask Mahoney Tuesday if Lot 6 is feasible without compressing Lots 1–3
- Feasibility deadline confirmed: ~April 14. $10K extension decision needed this week.
📅 Next Meeting Agenda — Auto-built by Atlas
- Review Mahoney CP5 feedback and Lot 6 feasibility answer
- Feasibility extension decision — GO or WALK?
- 7-Eleven LOI status update from Sean Murphy
- HPI JV discussion
📁 Thaxton Project Files
🤖 March 30, 2026
Project Tracker (Live)
BBM · Excel · OneDrive — master tracker
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Pro Forma v3 (Live)
BBM · Excel · OneDrive — financial model
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Lot 6 Small Pad Analysis
BBM · Tenant Analysis — Dutch Bros, 7Brew, Chase
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
📅 Project Timeline
🤖 March 30, 2026
~April 14, 2026
Feasibility Expiration URGENT
$10K deposit required to extend. GO/NO-GO decision must be made before this date.
April 1, 2026 (Tue 2pm CT)
Mahoney Engineering Meeting UPCOMING
Concept Plan 5 revisions. Ask about Lot 6 (0.3–0.5 ac small pad).
TBD 2026
7-Eleven LOI Execution UPCOMING
Sean Murphy negotiating. Target: $35/SF on Lot 3.
TBD 2026
Lot 6 Decision UPCOMING
Pending Mahoney's feedback. Dutch Bros / 7Brew / Chase Bank viable options.
TBD Q3–Q4 2026
First Lot Closing UPCOMING
Target: Lots 1–3 (hard corner + QSR pads).
Past Events
March 30, 2026
Lot 6 Small Pad Analysis Completed DONE
Atlas built tenant analysis: Dutch Bros (0.3 ac), 7Brew, Scooter's, Chase Bank, Sonic all viable.
March 30, 2026
Pro Forma v3 Updated DONE
Anchored to 7-Eleven LOI at $35/SF. Mid-case: $11.0M gross / $2.6M net / 35% margin.
March 2026
7-Eleven LOI Received DONE
LOI at $35/SF on Lot 3. Confirmed by Sean Murphy (CLD). Major anchor for deal valuation.
2023
Property Purchased DONE
$6,651,333 ($15.50/SF). ~9.83 acres. SW Corner Slaughter & Thaxton, Austin TX.
💰 Deal Economics — GP/LP Structure
🤖 Modeled March 31, 2026 · F&F Deal
📊 Capital Structure
Purchase Price,651,333
Land Loan (60% LTV),990,800
Total Equity Required,660,533
LP Equity (95%),527,507
GP Equity (5%)33,027
Est. Land Loan Interest (6.5% / 18mo)89,103
Soft Costs75,000
Total Project Cost,215,436
💼 GP Fees (off the top, before waterfall)
Acquisition Fee (2% of purchase)33,027
Disposition Fee (1% of gross sales)10,000
Asset Mgmt Fee (1%/yr × 1.5yr on LP capital)7,913
Total GP Fees80,939
💧 Distribution Waterfall
1
Repay Land Loan + Interest + Fees
,990,800 principal + 89,103 interest + soft costs + GP fees off top
2
Return of Capital
LP receives ,527,507 · GP receives 33,027 (pro rata)
3
Preferred Return (8% non-compounding)
LP receives 03,301 · GP receives 5,963 (on original capital × 1.5yr hold)
4
Promote Split — 75% GP / 25% LP
Remaining ,744,361 split: GP gets ,058,271 · LP gets 86,090
⚠️ IRR Alert: Atlas will automatically notify John if the pro forma changes push LP IRR outside the 20-30% target window. If below 20% — renegotiate purchase price. If above 30% — improve GP terms. This is a F&F deal (not institutional).
👥 Key Contacts
Sean Murphy
CLD Realty · Retail Broker
Lots 2 & 4 marketing, 7-Eleven LOI
Mahoney Engineering
Civil Engineer
Concept plans, site layout
📅 Meeting: Tue Apr 1 · 2pm CT