[Keep-SA-Lame]

Originally Posted by ILUVSAT

I assume some of this is a typo. $50 million for the land and construction? Only $1,500/mo for a studio and $3,000/mo for a penthouse (not including affordable units)? All of that including the Miami-like, extremely expensive, automated carpark?

He must be expecting HUGE incentives.

Even if the building is actually going to cost $500 million (about twice as much as Austin's Austonian), the roughly 200 for rent (apartment) units, ranging in price from $1,500 to $3,000, is not going to meet margins (without massive incentives from the City). Add to that...the fact that they would could only receive massive incentives if they added a lot of affordable units within the project. Something is very amiss here.

Also, I am not very familiar with JMJ's development history...how may high-rises have they completed?

Additionally, 6,200 SF of commercial/retail space is smaller than your typical Chili's restaurant. So they are not making too much off of that.

Don't get me wrong. I really, really want this type of development to become the norm in SA. But, I am cautious with this proposal as currently presented publicly. Why have all the bells and whistles when there is no competition and a perceived pent-up demand??? Hey, I know...it's cool and all. But, it does not make common business sense.

I have little doubt that something will get built on this site. However, I do not, at the moment, believe it is what is currently being sold by the developer.

Couldn't agree more. This proposal really doesn't add up and frankly seems more than a little fishy, I would be absolutely shocked if this actually got built.