All the 80 suites are rented out like hotel rooms. Condo refers to the ownership. That is, the suites are owned by individual investors, thus they collectively own the building and common areas, and pay a management fee to maintain and rent the suites. An owner can choose to live or stay in the unit but they are mostly buying a unit for an investment.
I believe shovels with break ground when 50 units are pre-sold. Like a hotel, it needs to have a certain level of occupancy. 70% occupancy is probably when it starts to make money to all the investors.
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Height restrictions and Set-backs are for Nimbys and the suburbs.
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