Quote:
Originally Posted by allovertown
I agree the price has nothing to do with what they'll eventually do here. At any given moment I'm sure they have any number of projects they could move forward on and they'll continue to pick what looks to be the best deal for them. Even if they paid nothing for it, if their data told them the walnut street theatre lot was the best property to build on, I'm sure they'd build on it.
But that's not really what citywide is saying. He's not talking about eventually, he's talking about right now and I do think the price tells us something about that. A huge price for the lot would indicate that they probably plan to proceed on a project immediately. Why make what seems like an overpay to speculate on a lot if you're not even planning to develop it immediately and you already have better options that you would forego building on to build on this new lot? A high price definitely correlates with more immediate development.
The lower price doesn't mean they won't build something significant in the future, but I do think it means it's less likely they do anything at all in the near future other than operate a parking lot.
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Yeah, that's true. I think price can be an indicator of immediacy of development (though people sit on land that is much more expensive too). Here, I guess I was confused as we know nothing is in the works or to expect anything soon because they said so. I guess not everyone has access to the article and the OP didn't summarize.
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