Quote:
Originally Posted by Obadno
I don't get it either I find it strange that they would build there with an active and decent APT building already in place.
They could move a few hundred feet down the street and have a plethora of empty parcels to work with! But it has to do with what's for sale I guess
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It's not Sim City, you can't just find a piece of dirt and build there.
A new developer does not care how the old building is performing. It looks like they bought it in late 2013 and that coincides with the updates which were done beginning shortly after that time, I can't find a purchase price but at that time we were probably looking at 45K or so per door and it's a 32 unit building. My educated guess is they bought it for 1.5 or so. In today's market you're going to pay close to 100K a door in that location so they would likely want 3 mil, I can't see a developer paying 3 mil for a tear down building right now.
I am even more skeptical now that I see that parcel has not even been listed for sale since 2013 and there have been several half-assed "proposals" in the past there.