Quote:
Originally Posted by Larry King
the developer NREA is 100% owned by the electricians pension fund. They don't have the same return hurdles that most RE funds have... basically they don't really need to achieve a big return. A major part of their mission is creating union jobs.
They've been doing major projects all over the country for last couple years in safe markets like DC, NY, Dallas etc.. A big part of them taking a run at philly is Johnny Doc lobbying the higher ups directly in DC and I believe a former Goldman properties guy high up on the development side of the company
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Hmmm. I thought Post Bros were big investors. SIKE.
But I didn't realize NREA was union owned. Very interesting. So I guess maybe this wouldn't meet plain vanilla commercial investment standards.