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On the basic level, what is the cost comparison of this masonry building vs. the stick framed crap shacks in the burbs? It's more expensive for sure, so rents/costs would be proportionally more expensive?
We were talking earlier in another thread about affordability and that's why we get the crap shacks. So placing a more expensive building in an area that may have difficulty handling rents seems to defy that logic. Or is this area gentrifying such that it can afford higher rents?
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^^^ well in this particular case, the owner can use "own forces" for the masonry construction, so that probably helped to make it more cost effective.
It is also tall enough that wood construction (as of right now) isn't possible - so it would have been non-combustible whether where it was built, or out in the 'burbs.