Quote:
Originally Posted by City Wide
Easy, IMO. At this lower price range Parkside probably can afford to hold onto this property until the right deal, however they want to define that, comes along. If they had paid top dollar I would be thinking that they had something already cooking.
Parkside is still relatively new in the role as developer and I believe all their projects to date have been joint ventures, where they were the quiet partner, not the prime developer. So as long as they can pay their taxes and other carrying costs they can wait until someone dances to their tune. Parkside has owned many of their lots for a very long time, and I'm very encouraged that they seem interested and open to options other then just parking cars as a business model.
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They don't have something already cooking. They are in the preliminary stages of figuring out a project. The article says that too. But I don't think the fact that they got a good deal tells us much about what they will eventually do there. Hopefully something significant, though. The site can sustain that.