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Originally Posted by rricci
Huh? This was a by-right deal and now the developer has agreed to completely revamp his building, his design, and his access. He has agreed to reduce the number of rentable units by a substantial number, while adding cost to the building in redesign features. I ain't no expert, but the fact that the developer was willing to add "underground parking" with a "mechanical parking system" (at a tremendous cost I would imagine) has a ring of fishy about it. It feels as though the goal was to get community approval so the lot would increase in value. The game of fake it then flip it. I believe the Edgewater II folks just did this upriver. I do NOT have a good feeling about a shovel ever hitting the dirt on this one. Please someone disabuse me of my skepticism if you understand something I do not.
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Originally Posted by summersm343
This is Dranoff dude, he doesn't play that way. Edgewater was owned by Raelen. Only things they built was Edgewater and two parking garages. The property is owner by someone a little more serious now.
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In fact, has Dranoff
ever done that kind of flip? Not to mention that he has a strong incentive to maintain his credibility for other future Center City projects including, of course, SLS International.