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Realty

Developers target 'creative' class with infill projects

The real estate career paths of Matt Mathias and Gary Krieg went in different directions after they worked together in the 1980s. Mathias focused on commercial projects, while Krieg went the residential route.

Now, the paths have come full circle as the two have teamed to form a development company in Austin called Interurban Development LLC.

As the name suggests, the company will focus on infill or niche residential developments catered to Austin's "creative class."

By building condos, cottages and town homes, they aim to offer broader access to living in the urban core. The units will range from 800 to 1,300 square feet and be priced at $125,000 to $300,000 each.

"There are many people who are looking for cutting-edge innovation and design, but the current luxury loft offerings are beyond their financial reach," Krieg says. "These individuals will find the excitement of urban living in each of our developments at reasonable price points."

The company's Web site (www.interurbandev.com)  is promoting a new  project:  SageBrush, bungalows in the heart of Round Rock.

Interurban Development is operating from the offices of Matt Mathias & Co., which will continue as a commercial development and brokerage company.

Matt Mathias and Gary Krieg have a long history in real estate. They met about 15 years ago when both worked for Hardin Corp., one of the largest business park and office developers in the region at the time.

Interurban Development is the third real estate company that Mathias is involved in.Matt Mathias & Co. is the commercial brokerage and leasing company that represented Emerson Process Management in its relocation to Research Park.

Mathias also is a principal of Riata Partners LLC, known for the mixed-use development called Riata in Northwest Austin. Riata Partners has been selected by the Austin Revitalization Authority to redevelop a part of 11th Street.

Krieg most recently worked for Austin-based custom home builder Ash Creek Homes Inc.

The timing of Interurban Development's launch coincides with increased demand on the part of Austin's educated, creative class of workers looking for ownership opportunities beyond the suburban master-plan community options, Krieg says.

Another developer thinks Interurban Development will help fill a void in Central Texas.

"Right now, the options at those price points are to look way out in suburbia," says Terry Mitchell, president of Austin-based Momark Development LLC. "For some people, that's not a great alternative."