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Old Posted Mar 20, 2017, 12:33 PM
1487 1487 is offline
Join Date: Jun 2014
Posts: 3,400
Originally Posted by City Wide View Post
Just my opinion,--------I don't think this passes the smell test for me. If I had $150M to invest in a ground up multi family project I can think of many other areas where the risk/reward factor would be much more favorable. Even if the land costs were near zero at this location all the other construction costs are going to be the same, or very close to the same. On the other side of the ledger is the rental income, will cheaper land allow the rents to be in line with what the area can afford. Doubtful.
Then there is the $9M said to be spent already, again that figure just seems so out of line with any reality I can see.
And 200K sq.ft. of office and lab space, maybe I'm missing something but I just don't see the market for that space at that location.
All in all, for me, this proposal doesn't make sense, the pieces just don't seem to come together.
But I'd be glad to be wrong.
Temple is north and south of this location and there aren't many lots near temple available for major residential structures. There is very little housing close to the medical school and there are likely hundreds of students who would gladly live closer if there were suitable options. 5 years ago people would've said major developments in Kensington and Point Breeze didn't make any sense either.
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