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Old Posted Aug 29, 2007, 10:45 PM
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SnyderBock SnyderBock is offline
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I'm not sure, but I think usually they have to meet pre-sales goals before commencing construction, as part of their lending agreement. I would guess that a project of this price ($350 million) would have to pre-sale at least 50%-60% of it's residential units to meet those pre-sale lending goals.

It would also be logical that they would start construction AS SOON as they meet those goals, because of rising construction costs. The fact that they are pre-selling these units faster than expected might be why they applied for an expedite building permit at the beginning of this month.

They might have the go ahead to start in the month of September and most definitively will have started construction by the end of October. I would guess that any day between the end of September or beginning of October would be a logical start date.
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