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Originally Posted by Redddog
I like it too!
Why so much disdain for this?
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The disdain is that this is a massive project in an unproven area, making it seem unlikely to get built as shown. We haven't even seen a developer a build low-rise, wood-frame apartment building along the southern end of the Delaware, which should theoretically be easier to pencil. You figure if someone hasn't been able to make that work yet, it would be even more difficult to make high-rise construction work - yet alone 8 towers. I'm sure most of us would love to be wrong, but this just doesn't seem realistic at all. I have a hard time believing a project like this could get financing. There are no comps in the area to base your rents on. Who is going to lend $100m to build a project with no evidence to support the rents that the developer would need to get to make this make money? I suppose they could do condos (or both), but there’s no condo comps either. And look how Waterfront Square turned out, in a much better location.
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