Quote:
Originally Posted by AcmeGreg
Can someone explain to me why the North Pearl and South Waterfront seem to be stealing each other's zeitgeist? Cosmopolitan, NV, Vista and now this project all seem better suited for SW, at least as originally envisioned. Remember? Why, it was going to become a veritable forest of towers! A mini-Vancouver of sorts. Post-recession it's nothing but a sea of 8-storey apartment warehouses down there while the Pearl continues to go tall(er). What's up (or not) with that?
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Honestly, I think that it has a lot to do with who owns the land. Hoyt owned many blocks in the North Pearl and built on those lots when the time was right. They built buildings, but those buildings varied in scale due to current market conditions.
http://hoytliving.com/sales/hoyt-buildings/hoyt-developments/
They saved some of the best blocks for the best buildings. Only recently did they build the Cosmo, Block 17, and Vista. Hoyt has held those blocks for ages.
A lot of the blocks down in South Waterfront were purchased by developers that didn't necessarily have the ability/will to wait until the perfect time to build on those lots. The best way to get their money out of those blocks is to build a 5 over 1 and start pulling income.
It all comes down to who is willing to play the long game vs. the short game. Developing is all about taking managed risks.
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