What We Offer

Development Consulting Services

From the first site visit to the final disposition, Watershed provides the expertise to navigate every stage of the real estate development lifecycle in Texas.

From concept to capital stack

Development Advisory & Feasibility

We guide clients through every phase of the development process — starting with rigorous feasibility analysis and project assessment, through design programming, pre-construction planning, and delivery. Our advisors establish the financial framework, underwrite projected returns, and create a clear roadmap from vision to vertical construction.

Services Include

Feasibility studies and market analysis
Financial modeling and return scenario planning
Project assessment and strategic planning
Pre-construction strategy and contractor selection
Design and programming coordination
Budget and schedule development

Structured financing for complex deals

Capital Markets & Finance Advisory

Watershed has deep relationships in Texas's institutional capital markets. We advise on the full capital stack — senior debt, mezzanine, preferred equity, JV equity, and co-GP structures — and help clients access capital sources ranging from regional banks and life companies to institutional private equity and family offices.

Services Include

Equity and debt capital formation
Joint venture structuring and GP/LP agreements
Institutional investor relations and outreach
Mezzanine and preferred equity placement
Capital stack optimization
Investor reporting and asset management support

Data-driven site identification

Site Selection & Acquisitions

Selecting the right site is the single most critical decision in any development project. We apply quantitative market analysis, demographic research, and on-the-ground Texas market expertise to identify opportunities with the strongest risk-adjusted fundamentals in Austin and the DFW metroplex.

Services Include

Market and submarket analysis
Site identification and scoring
Acquisition underwriting and due diligence
Highest and best use analysis
Competitive supply analysis
Off-market deal sourcing

Maximize your capital stack with public programs

Government Incentives & Financing

Texas offers a rich landscape of public finance tools that can meaningfully improve project economics. Watershed has direct experience structuring projects using TIF, NMTC, LIHTC, Historic Tax Credits, and Opportunity Zone designations — reducing equity requirements and improving investor returns.

Services Include

Tax Increment Financing (TIF) advisory
New Markets Tax Credits (NMTC)
Low-Income Housing Tax Credits (LIHTC)
Historic Tax Credits (HTC)
Opportunity Zone program structuring
State and local incentive identification

Navigate regulatory complexity with confidence

Entitlements & Permitting Strategy

Austin and DFW's regulatory environments require sophisticated navigation. We coordinate zoning analysis, test-fit design, variance applications, and multi-jurisdictional permitting strategies — working with city staff, planning commissions, and elected officials to advance projects on your timeline.

Services Include

Zoning analysis and variance strategy
Test-fit and concept design coordination
City entitlement process management
Permitting strategy and schedule planning
Neighborhood and stakeholder engagement
Multi-jurisdictional regulatory navigation

Disciplined execution from groundbreaking to delivery

Project Management

Development success is measured at the finish line. Our project management services maintain budget and schedule accountability through construction — with boots-on-the-ground oversight, proactive issue resolution, and clear reporting to ownership, lenders, and investors throughout the build cycle.

Services Include

Third-party contractor and vendor oversight
Budget and schedule monitoring
Construction draw management
Cost plan and change order review
Lender and investor reporting
Certificate of occupancy coordination

Protect and grow the value of existing assets

Asset Management & Repositioning

For stabilized or underperforming assets, Watershed provides asset management advisory and repositioning strategy — evaluating capital improvement priorities, lease-up plans, and disposition timing to maximize returns for investors and ownership.

Services Include

Asset management strategy and reporting
Value-add and repositioning planning
Lease-up strategy and oversight
Recapitalization analysis
Disposition strategy and marketing coordination
Portfolio performance monitoring

Unlock hidden development optionality

Creative Covered Land Strategy

Creative covered land is our proprietary investment strategy — acquiring income-producing assets with embedded future development potential. This approach generates current cash flow while preserving optionality as surrounding markets mature. Watershed advises clients on identifying, underwriting, and executing covered land plays in Austin and DFW.

Services Include

Covered land acquisition identification
In-place income underwriting
Future development optionality valuation
Conversion and repositioning timing strategy
Tenant management and lease structuring
Exit strategy and disposition planning

Get Started

Let’s Talk About Your Project

Whether you’re in Austin, the DFW metroplex, or anywhere in Texas — Watershed is ready to put its expertise to work for you.