Quote:
Originally Posted by jsbrook
I don't see why purchase price has much to do with what development they will pursue. They got the cheapest price they could at $7.5MM, which seems to me a steal for a lot that can accommodate a 40- to 50-story structure that could total around 500,000 square feet.The theater sold this too cheap. Hopefully we'll see something good rise here. It's well suited for any number of uses from residential to office to hotel. Or a combo.
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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.