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Originally Posted by SamInTheLoop
^ What in the world are you talking about? American Invsco's involvement (and/or 'shadow involvement') here is perhaps the single most persuasive reason to not expect anything to come of a current proposal. They don't have a track record of actually developing jack. They are a converter, nothing more......with a reputation that, uh, precedes them.....everywhere they go....
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You obviously didn't read what I said, more than half of my comment is devoted to talking about how they were the biggest converter in the boom and also one of the biggest implosions. What the involvement of some of their team (namely the CFO) does indicate is that they are not completely inexperienced in development. Let me quote myself so maybe you'll read it this time:
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Originally Posted by LouisVanDerWright
B. American Invesco has royally fucked up just about every project they've been involved in. (See their condo conversions at 200 N Dearborn and River City both of which melted down hard in the recession).
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and
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Originally Posted by LouisVanDerWright
So the point is that people who were once with the largest condo converter in the last boom which did billions worth of project are running the show here. They aren't exactly inexperienced, but they also have a track record of crash and burn. .
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Developers go down in flames all the time and then turn around a raise money a few years later. My comment about it being interesting is merely that the people involved aren't total noobs. Fuckups yes, but even you can't say they have no experience raising money for highrise projects. Again, I know they didn't really do new construction, but if you can raise money to purchase and convert tens of thousands of highrise residential units, then you can raise money to build one new construction highrise.
Let me repeat myself again so maybe you'll actually read it this time, I'm not saying they are an all star team that's going to hit this out of the park, I'm saying they are competent enough that they could potentially pull this off. Again again, I am also saying they screwed the pooch hard in the last boom too, so they might fuck it up again here.