Update: Arabella Village (Mixed-Use Community)
Residential – 282 Lots
Commercial – Grocery, Retail, etc.
Last quarter, we updated the residential business plan, combining Emma Phases 1 and 3 into a single, fully amenitized build-to-rent community while selling Emma Phase 2 as finished lots to a national homebuilder.
We’re currently working through zoning for Phases 1 and 3, negotiating a contract for Phase 2 with a national homebuilder, and revising the business plan for the commercial side of this property.
One of the attractions of a mixed-use community is that it creates a larger pie that everyone can have a piece of. It draws more business and activity and can often be a destination unto itself. Essentially, you’re creating density in a suburb without paying high-density prices.
Another opportunity is for us to create a master-planned community. As we sell off additional parcels, it reduces or eliminates the land basis for our build-to-rent communities.
