Doing pre-sales before getting your major rezoning or OPA is sometimes done, but I've heard a developer complain about other developers doing that because it hurts their reputation... GOHBA also seems to feel the same way based on that article . If it's something like a few variances needed it's not that bad, but a full doubling of the height? Your chances of planning approval are considerably less. Consider that for a subdivision I believe you need at least draft approval before you can start offering lots for sale.
Technically their deposit is in a trust so they don't lose their money, but there is an opportunity cost for purchasers.
Good luck starting construction by Spring 2011
